Chaired by Ken Mihalik

Committee Chair Mihalik called the meeting to order at 7:28 p.m.

Directors Folska and Rivera-Malpiede participated via phone.

Staff Present:                       Catlin Arnold, Rolf Asphaug, Nicole Carey, Matt Christman, Susan Cohen, Lou Cripps, Joey Davidson, Jeet Desai, Kevin Diviness, Sherry Ellebracht, Steve Eubanks, Michael Ford, Andrew Gale, Steve Gieske, David Genova, Bob Grado, Greg Goldman, Matt Harrison, John Hersey, Janet Huhn, Dave Jensen, Julie Kirk, Adrian Mabry, Adrian Martinez, Doug MacLeod, Dan McClain, Heather McKillop, Barbara McManus, Mike Meader, Doug Monroe, Brenden Morgan, Nancy Mooney, Tai-Shrae Parish, Robert Pitts, Beverly Riley, Kathleen Rinkel, Jannette Scarpino, Carolyn Schieren, Cal Shankster, Zamy Silva, Charlie Stanfield, Henry Stopplecamp, Pauletta Tonilas, Monika Treipl-Harnke, Lisa Trujillo, Bill Van Meter, Jyotsna Vishwakarma, Brian Welch, Fred Worthen

Others Present:                    William Gross, Anne Herzenberg, Michael Hughes, Jamie Lewis, Liz Neely, Roger Sherman, Joe Triplett, Gary Van Dorn

It is recommended by the Financial Administration and Audit Committee that the Board of Directors approves the attached Resolution No. ______ reappointing Bill Van Meter and Derrick Black to a term expiring 12/31/2021 as trustees for the Salaried Employee Defined Benefit (i.e., Pension) Plan and Salaried Employee Defined Contribution Plan.

This recommended action supports the following General Manager’s Goals:

Core Goal #3 – Strong Financial Management

Task Goal #2 – Address Service & Human Capital

Task Goal #3 – Ensure Fiscal Sustainability

Motion:               Director Broom made the motion to move this item to the full Board at the November 19, 2019 Board Meeting.

Director Cook seconded the motion.

Committee Chair Mihalik declared the motion PASSED unanimously.

It is recommended by the Financial Administration & Audit Committee that the Board of Directors adopts the attached 2020 Proposed Performance Report and the accompanying performance measures for mission statement goals 1-7.  In 2020, there are 42 proposed performance measures to be tracked for the GM, which is one higher than for 2019. 

This recommended action supports the following General Manager’s Goals:

Core Goal #1 – Successful Delivery of Transit Service

Motion:               Director Cook made the motion to move this item to the full Board at the November 19, 2019 Board Meeting.

Director Whitmore seconded the motion.

Committee Chair Mihalik declared the motion PASSED.

It is recommended by the Financial Administration and Audit Committee that the Board of Directors adopt the attached Investment Policy which contains recommended changes to reflect changes in state law relating to bank securities and some wording changes for clarification purposes.

This recommended action supports the following General Manager’s Goals:

Core Goal #3 – Strong Financial Management, Task Goal #3 – Ensure Fiscal Sustainability

Motion:               Director Broom made the motion to move this item to the full Board at the November 19, 2019 Board Meeting.

Director Williams seconded the motion.

Committee Chair Mihalik declared the motion PASSED unanimously.

It is recommended by the Financial Administration and Audit Committee that the RTD Board of Directors adopt a 2020 contribution of $6.1 million to RTD’s Salaried Employees’ Defined Benefit Pension Trust (the “DB Plan”), which pays a specified monthly benefit at retirement.  It is also recommended that the RTD Board of Directors adopt a 2020 contribution of 9% of each participant’s eligible compensation to the Salaried Employees’ Defined Contribution Plan (the “DC Plan”), which contributes a specified amount to the plan for each year of employment.

This recommended action supports the following General Manager’s Goals:

Task Goal #2 – Address Service & Human Capital

Motion:               Director Tisdale made the motion to move this item to the full Board at the November 19, 2019 Board Meeting.

Director Walker seconded the motion.

It is recommended by the Financial Administration and Audit Committee that the RTD Board of Directors adopt a 2020 contribution of $6.1 million to RTD’s Salaried Employees’ Defined Benefit Pension Trust (the “DB Plan”), which pays a specified monthly benefit at retirement.  It is also recommended that the RTD Board of Directors adopt a 2020 contribution of 9% of each participant’s eligible compensation to the Salaried Employees’ Defined Contribution Plan (the “DC Plan”), which contributes a specified amount to the plan for each year of employment.

This recommended action supports the following General Manager’s Goals:

Task Goal #2 – Address Service & Human Capital

Motion:               Director Cook made the motion to table this item until the December 10, 2019 Finance Administration & Audit Committee Meeting.

Director Williams seconded the motion.

Committee Chair Mihalik declared the motion PASSED.

It is recommended by the Executive Committee of the RTD Board of Directors that the Board approve a motion to adopt the attached Resolution No. ______, Series of 2019, concerning a Temporary Reduction of Certain Board Office Budget Lines Related to Director Travel and the Allocation of Certain Meeting Expenses to Directors’ Local Expense Budgets.

This recommendation is consistent with the General Manager’s 2019 Core Goal #3 - Strong Financial Management.

Motion:               Director Williams made the motion to move this item to the full Board at the November 19, 2019 Board Meeting.

Director Catlin seconded the motion.

Committee Chair Mihalik declared the motion PASSED unanimously.

Presented by Heather McKillop, Chief Financial Officer and Assistant General Manager of Finance & Administration.

Presented by Heather McKillop and Jannette Scarpino, Senior Manager of Budget & Financial Analysis.

Presented by Doug MacLeod, Controller.

Presented by Heather McKillop.

Presented by Heather McKillop and Monika Triple-Harnke, Senior Manager of Revenue.

Director Menten spoke.

Committee Chair Mihalik adjourned the meeting at 9:26 p.m.