Chaired by Shelly Cook

Committee Chair Cook called the meeting to order at 6:08 p.m.

In addition to Directors and senior staff, 68 participants were connected to the call.

It is recommended by the Financial Administration and Audit Committee that the Board of Directors approves and adopts the revised Fiscal Policy Statement for 2021.

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 November 17, 2020 Board Meeting.

Director Williams seconded the motion.

Committee Chair Cook 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 a change in ownership of the indices used to benchmark return and risk of the district’s investments.

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

Mission-Oriented Goal #3:  Strong Financial Management

Motion:               Director Tisdale made the motion to move this item to the full Board at the November 17, 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 adopts the 2021 & 2022 Modified Mid-term Financial Plan.

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

Mission-Oriented Goal #3:  Strong Financial Management

COVID-19 Financial Goal:  Identify Funding Sources

2020 Strategic Priority #6:  Move RTD Toward Stable Financial Condition

Motion:               Director Tisdale made the motion to move this item to the full Board at the November 17, 2020 Board Meeting.

Director Williams seconded the motion.

Committee Chair Cook declared the motion PASSED.

It is recommended by the Financial Administration and Audit Committee that the Board of Directors adopt Resolution No. ___, Series of 2020 for the adoption of the 2021 Budget, Resolution No. ___, Series of 2020 for the 2021 Budget Appropriation and Resolution No. ___, Series of 2020 for the appropriation of 2021 Previously Appropriated Capital.

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

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

Mission-Oriented Goal #3 – Strong Financial Management

Strategic Priority #6 – Move RTD Toward Stable Financial Situation

Motion:               Director Buzek made the motion to move this item to the full Board at the November 17, 2020 Board Meeting.

Director Tisdale seconded the motion.

Committee Chair Cook declared the motion PASSED.

It is recommended by the Financial Administration and Audit Committee that the RTD Board of Directors adopts the attached Resolution Number __ (the “Bond Resolution”), authorizing the issuance of Tax – Exempt and Taxable Refunding Private Activity Bonds, Series 2020 (Denver Transit Partners Eagle P3 Project).

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

Mission-Oriented Goal #3:  Strong Financial Management

COVID-19 Financial Goal:  Identify Funding Sources

2020 Strategic Priority #6:  Move RTD Toward Stable Financial Condition

Motion:               Director Tisdale made the motion to move this item to the full Board at the November 17, 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 Board of Directors approves an increase to the contract with RTD’s mobile ticketing vendor, Masabi (contract #16DH050), to a Not-to-Exceed (NTE) value from $1,450,000 to $8,867,000 (difference of $7,417,000), and expansion of the Scope of Work to include Masabi’s Account-Based Ticketing (ABT) feature for the remainder of that contract. 

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

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

Mission-Oriented Goal #3 – Strong Financial Management

2020 Strategic Priority #3 – Enhance Current and Future Transportation Methods

2021 Strategic Priority #4 – Increase Ridership and Improve Rider Experience (Implement Account-Based Ticketing System)

Motion:               Director Tisdale made the motion to move this item to the full Board at the November 17, 2020 Board Meeting.

Director Williams seconded the motion.

Committee Chair Cook declared the motion PASSED.

It is recommended that the Board of Directors approve the attached Bank Account Signature Authorization Agreement (the “Agreement”).

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

Mission-oriented Goal #3 – Strong Financial Management

Motion:               Director Catlin made the motion to move this item to the full Board at the November 17, 2020 Board Meeting.

Director Buzek 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 (“Board”) increase the authority granted to the General Manager or designee to enter into all contracts, real property transactions and intergovernmental agreements for the North Metro Rail Line Project by $35.2 million to a total authorization of $757.5 million. This authority shall include the ability to negotiate and execute all contracts; work orders; change orders and contract modifications; agreements for the acquisition and conveyance of property interests; and intergovernmental agreements that are necessary or advisable to complete the North Metro Rail Line within the scope of the North Metro Rail Line Project budget.

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

Strategic Priority #4:  Increase Ridership, Improve Rider Experience.

Motion:               Director Whitmore made the motion to move this item to the full Board at the November 17, 2020 Board Meeting.

Director Buzek seconded the motion.

Committee Chair Cook declared the motion PASSED unanimously.

Presented by Doug MacLeod, Controller.

Chair Rivera-Malpiede, Directors Tisdale, Buzek, Folska, Guissinger, Lubow, Broom, Menten, Lewis, Walker, as well as Barbara McManus and Bill Van Meter spoke.

Committee Chair Cook adjourned the meeting at 8:57 p.m.