In June 2014, state legislators and Governor Jerry Brown agreed to apportion the state's annual cap-and-trade funds so that 25% goes to high speed rail. The state's Legislative Analyst's Office estimated that cap-and-trade income in 2015 and 2016 could total $3.7 billion, of which $925 million would be allocated to HSR. The LAO's predictions were proven incorrect in its own revised report dated May 26, 2016, "State auction revenue will be about $1.8 billion in 2015-16" due to a weak May 2016 auction.