For more than a decade, Honolulu rail has whipsawed between wildly optimistic promises about costs and schedules, and then panic when the hyperbole is inevitably exposed as false.

With projected costs now up another $832 million to $10 billion total, transit tax collections shrinking by up to $650 million in the pandemic, bids for the final leg to Ala Moana Center far above the city’s budget and federal funds possibly lapsing, we’re emphatically at a point where we have no choice but to face reality.

Equally important is that we get smart.

Andrew Robbins, head of the Honolulu Authority for Rapid Transportation, acknowledged for the first time Wednesday that HART lacks the funds to build to Ala Moana and will have to finish in phases if and when more money becomes available.

There’s the reality, but not so smart is his push to hatch a rushed plan for phased completion within weeks based on the fear HART will lose $250 million of the $1.5 billion federal share of the project.

Rail is in trouble because of repeated funding shortages sprung on the public at the last moment, followed by arbitrary deadlines and hurried new financing schemes that never work. We’ve already paid for two major legislative bailouts as costs have doubled from the original $5.2 billion, and can’t afford another in a collapsed pandemic economy.

It would be foolhardy to repeat this failed history of rushed planning based on contrived urgency, rather than take the time to be sure the next plan finally gets it right.

A mad rush is especially imprudent when we’ll soon elect a new mayor and City Council majority, and Robbins lacks enough votes on the HART board to have his contract extended beyond Dec. 31. The next plan should be drawn by those who will be accountable for it.

HART’s only reasonable action now is to honestly determine how far it can build with the funds it is sure are currently available and declare that the end of Phase 1.

A pause should then be imposed to allow fresh eyes to thoroughly review costs, benefits and financing of future phases — including whether a route through Kakaako to Ala Moana Center is still the best option for our city.

Hopefully, there is enough money in hand to get the rail line to Chinatown, where it could serve the city center and connect with major bus corridors to carry commuters to destinations east.

With rising costs and delays in relocating utilities along Dillingham Boulevard, however, current funding might only get us to Middle Street, a leg already under construction.

Not as good as downtown, but it would be a functional line with a central bus transfer facility that could decently serve many commuters while full due diligence is done on future expansion.

Reach David Shapiro at volcanicash@gmail.com.