Officials with Caltrain warned that the train agency could be forced to close a lot of its operations without a new long-term funding source, raising concerns about the future of one of the Bay Area’s key commuter rail systems.

The Peninsula Corridor Joint Powers Board, which operates Caltrain, outlined the potential cuts during a budget workshop Thursday, saying the agency faces a projected average annual deficit of about $75 million from fiscal years 2027 through 2041 if outside funding does not materialize.

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