(

a) Not later than October of each odd-numbered year, based on the guidelines established pursuant to

Section 14530.1, and after consulting with the transportation planning agencies, county transportation commissions, and transportation authorities, the department shall submit to the commission the draft five-year interregional transportation improvement program consisting of all of the following:

(1) Projects to improve state highways, pursuant to subdivision (

b) of

Section of the Streets and Highways Code.

(2) Projects to improve the intercity passenger rail system.

(3) Projects to improve interregional movement of people, vehicles, and goods. (

b) Projects included in the interregional transportation improvement program shall be consistent with the state interregional transportation strategic plan prepared pursuant to

Section 14524.4. (

c) Projects may not be included in the draft interregional transportation improvement program without a project study report or major investment study. (

d) Major projects shall include current costs updated as of November of the year of submittal and escalated to the appropriate year, and shall be consistent with, and provide the information required in, subdivision (

b) of

Section 14529. (

e) Projects included in the draft interregional transportation improvement program shall be consistent with the adopted regional transportation plan. (

f) On or before November of each odd-numbered year, the commission shall hold at least one hearing in northern California and one hearing in southern California to attempt to reconcile any objections by any member of the public or other stakeholder to the draft interregional transportation improvement program. (

g) The department shall consider the input received at the hearings conducted pursuant to subdivision (

f) and shall develop a final interregional transportation improvement program. The final interregional transportation improvement program shall include a

summary of the major comments received at the hearings and responses to those comments, and shall be submitted to the commission for approval not later than December of each odd-numbered year. (

h) The commission shall, when approving the final interregional transportation improvement program pursuant to subdivision (g), evaluate the extent to which the program is consistent with funding priorities established in

Section of the Streets and Highways Code.