SAN FRANCISCO — Caltrain, the commuter rail line that connects San Francisco to San Jose, is facing a fiscal crisis that could force it to cut half its service next year.

Caltrain, the official name of which is the Peninsula Corridor Joint Powers Board, faces a $30 million shortfall for fiscal 2010-11 amid cuts in funding from local transit agencies and a decrease in ridership. The projected shortfall equals nearly a third of the agency’s $97.2 million operating budget.

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