Chaired by Shelly Cook

Committee Chair Cook called the meeting to order at 5:30 p.m.

In addition to Directors and senior staff, 84 participants were connected to the call.

It is recommended by the Financial Administration and Audit Committee that the RTD Board of Directors adopt a 2021 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 2021 contribution of 7% 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:

Mission-Oriented Goal #3:  Strong Financial Management

Strategic Priority #6:  Move RTD Toward Stable Financial Situation

Motion:               Director Broom made the motion to move this item to the full Board at the October 27, 2020 Board Meeting.

Director Buzek seconded the motion.

INSERT VOTE

Committee Chair Cook declared the motion PASSED unanimously.

It is recommended by the Financial Administration and Audit Committee that the Board of Directors approves the 2021 Salaried Benefits plan and authorizes the General Manager/CEO or his/her designee to enter into agreements with the insurance carriers.

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

Mission-Oriented Goal #3:  Strong Financial Management

Strategic Priority #6:  Move RTD Toward Stable Financial Situation

Motion:               Chair Rivera-Malpiede made the motion to move this item to the full Board at the October 27, 2020 Board Meeting.

Director Williams seconded the motion.

INSERT VOTE

Committee Chair Cook declared the motion PASSED unanimously.

It is recommended by Directors Lewis, Tisdale and Walker that the Board approve the suspension of fare collection and the provision of free rides for RTD patrons on all of its scheduled services for the period from 12:00 A.M. MST until 11:59 P.M. MST on Tuesday, November 3, 2020.

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

Core Goal #5: Effective Communications & Community Outreach

Task Goal #1: Strengthen Transparent Public Communication/Collaboration

Motion:               Director Folska made the motion to move this item to the full Board at the October 27, 2020 Board Meeting.

Director Lewis seconded the motion.

INSERT VOTE

Committee Chair Cook declared the motion PASSED.

Presented by Rich Wobbekind, Robert McNown, Miles Light, and Brian Lewandowski, CU Leeds School of Business.

Presented by Heather McKillop, Chief Financial Officer and Assistant General Manager of Finance & Administration, and Jannette Scarpino, Senior Manager of Budget & Financial Analysis.

Presented by Heather McKillop and Jannette Scarpino.

Presented by Doug MacLeod, Controller.

None.

Committee Chair Cook adjourned the meeting at 8:XX p.m.