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Honolulu Rail Transit project officials have submitted the first draft of an updated financial plan for its 20-mile rail transit proposal to the Federal Transit Administration (FTA), according to Honolulu Mayor Peter Carlisle.

The update estimates the project’s capital costs at $5.3 billion, including finance charges, adjustments for inflation and a 21 percent contingency of $865 million to cover unexpected costs.

“As the project’s engineering advances and construction costs become more defined, the city and county of Honolulu is able to sharpen its financial plan to better reflect project needs and provide a more realistic financial roadmap,” Carlisle said in a prepared statement. “This plan helps those responsible to track the project and make sure every dollar is spent prudently.”

The updated plan sets revenue from the state’s general excise and use tax surcharge applied to Oahu through 2022 at $3.3 billion. The project’s other primary source of revenue is federal funds: New Starts funding, which remains at $1.55 billion, and FTA section 5307 funding, which has been reduced to $244 million from $300 million. Remaining revenue of $300 million is expected to come from the project’s starting cash balance and interest income.

After the FTA reviews and comments on the draft, a final version will be submitted prior to the project’s final design phase, which is expected later this year. The project calls for building an elevated line to connect East Kapolei with Ala Moana. The line will include 21 stations.