Chaired by Shelly Cook

Committee Chair Cook called the meeting to order at 7:39 p.m.

In addition to Directors and senior staff, 117 participants were connected to the call.

It is recommended by the Financial Administration and Audit Committee that the Board of Directors authorizes the General Manager to execute all documents necessary to award a contract to Plante Moran, LLP to perform RTD’s independent audit and financial procedures services.  The contract is awarded for these services for calendar years 2020, 2021, and 2022 in the amount of $338,811.  There is an option to extend the contract for two additional one-year periods, at RTD’s discretion, in the amount of $242,749.

This action supports the following General Manager’s Goals:

Mission-Oriented Goal #3 – Strong Financial Management

Task Goal #1 – Strengthen Transparent Public Communication/Collaboration

Motion:               Chair Rivera-Malpiede made the motion to move this item to the full Board at the September 29, 2020 Board Meeting.

Director Williams seconded the motion.

Committee Chair Cook declared the motion PASSED unanimously.

It is recommended that the Board of Directors approve receipt of the Bus Audio/Video Live Connection project award in the amount of $2,416,000 with no matching requirement.  The award is from FEMA/Homeland Security under the Transit Security Grant Program.  Receipt of this award requires establishing the project budget in Oracle and an increase to budgeted 2020 revenue of same amount. 

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

Mission-Oriented Goal #1 – Successful Delivery of Transit Services

Strategic Priority #5 – Strengthen Safety and Security

Motion:               Director Tisdale made the motion to move this item to the full Board at the September 29, 2020 Board Meeting.

Director Broom seconded the motion.

Committee Chair Cook declared the motion PASSED unanimously.

It is recommended by the Financial Administration and Audit Committee that the RTD Board of Directors authorize the General Manager or his designee to consent to the proposed refinancing subject to the conditions described below.

GM Goals

·         Mission- Oriented Goal #3:  Strong Financial Management

·         Strategic Goal #6:  Move Toward Stable Financial Situation

Motion:               Chair Rivera-Malpiede made the motion to move this item to the full Board at the September 29, 2020 Board Meeting.

Director Guissinger seconded the motion.

Committee Chair Cook 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 2020, concerning a Reduction of Directors Expense Budget Lines in Fiscal Year 2021 to Offset Revenue Shortfalls Due to COVID-19 Impacts

This recommendation is consistent with the General Manager’s 2020 Core Goal #3 - Strong Financial Management.

Motion:               Director Williams made the motion to move this item to the full Board at the September 29, 2020 Board Meeting.

Chair Rivera-Malpiede seconded the motion.

Committee Chair Cook declared the main motion PASSED unanimously.

Motion to

Amend:               Director Guissinger made the motion to amend the Board Expense reduction by eliminating travel funds and conference registration fees for Directors in 2021.

Director Whitmore seconded the motion.

Committee Chair Cook declared the motion to amend PASSED unanimously.

It is recommended by Directors Menten, Folska, and Mihalik that the Board of Directors adopt a compensation reduction package for the salaried positions within the following salary ranges.

Tier 1 – Reduce wages 15% for salaries $150,000 and above
Tier 2 – Reduce wages 10% for salaries $100,000 - $149,999.99
Tier 3 – Reduce wages 5% for salaries $60,000 - $99,999.99

Reduction is effective January 1, 2021.

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

Core Goal #3 Strong Financial Management

Motion:               Director Lubow made the motion to move this item to the full Board at the September 29, 2020 Board Meeting.

Director Folska seconded the motion.

Committee Chair Cook declared the main motion FAILED.

Motion to

Postpone:               Director Tisdale made the motion to postpone this item to a date certain to October 13, 2020.

Director Walker seconded the motion.

Committee Chair Cook declared the motion to postpone FAILED.

Motion to

Amend:               Director Lewis made the motion to amend this item by creating five tiers and making the salary reduction effective for 2021 only. The five tiers would constitute the following ranges and pay percentage decreases:

·         $150,000 and above - 13%

·         $125,000 to $149,999 – 9%

·         $100,000 to $124,999 – 6%

·         $80,000 to $99, 999 – 4%

·         $60,000 to $79,000 – 2%

Director Lubow seconded the motion.

Committee Chair Cook declared the motion to amend FAILED.

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

Presented by Doug MacLeod, Controller, and Heather McKillop.

Directors Catlin, Walker, Menten and Chair Rivera-Malpiede spoke.

Committee Chair Cook adjourned the meeting at 10:43 p.m.