Pension Fund RTD Doc For This Time Point.

1600 Blake Street
Denver, CO 80202-1399
303-299-2303
Regional Transportation District
Board of Directors
Chair Chuck Sisk, District 0
First Vice Chair Larry Hoy, District J
Second Vice Chair Bill James, District A
Secretary Jeff Walker, District D
Treasurer Tom Tobiassen, District F
Lorraine Anderson, District L
Kent Bagley, District H
Bruce Daly, District N
Barbara Deadwyler, District B
Dr. Claudia Folska, District E
Gary Lasater, District G

Judy Lubow, District I
Natalie Menten, District M
Angie Rivera-Malpiede, District C
Paul Daniel Solano, District K
AGENDA
Financial Administration & Audit
Tuesday, January 14, 2014
Rooms R, T, & D
5:30 PM
Conference Dial-in # 303-299-2663
Conference ID: 15120
Financial Administration and Audit Committee

Chaired by Jeff Walker
A. Call to Order
B. Recommended Actions
Resolution No. ____, Series of 2014 Appointment of Trustees to the RTD

Pension Trust and Defined Contribution Plan
C. Updates
Salaried Employee Defined Benefit Pension Plan Update (Howerter/Rael &

Letson)
Represented Employee Defined Benefit Pension Plan Update
(Howerter/Gabriel Roeder Smith)
November 2013 Monthly Financial Status Report (Howerter/MacLeod)
D. Other Matters
E. Next Meeting Date - February 11, 2014
F. Adjourn
The following communication assistance is available for public meetings:

Language Interpreters
Sign-language Interpreters
Assisted listening devices
Please notify RTD of the communication assistance you require at least 48 business hours in advance of a
RTD meeting you wish to attend by calling 303.299.2307
THE CHAIR REQUESTS THAT ALL PAGERS AND CELL PHONES BE SILENCED DURING THE BOARD OF
DIRECTORS MEETING FOR THE REGIONAL TRANSPORTATION DISTRICT.
1.B.1
BOARD OF DIRECTORS REPORT

To:
Phillip A. Washington, General Manager
Date: January 9, 2014
From:
Terry L. Howerter,Chief Financial Officer
GM
Date:
January 9, 2014
Board Meeting Date: January 14, 2014
Subject:
Resolution No. ____, Series of 2014

Appointment of Trustees to the RTD
Pension Trust and Defined Contribution Plan
Resolution
RECOMMENDED ACTION
Prepared by:
Paula Perdue, Executive Director
Approved by:
Packet Pg. 3
1.B.1
REGIONAL TRANSPORTATION DISTRICT

RESOLUTION No. _____ SERIES OF 2014
APPOINTMENT OF TRUSTEES TO THE RTD PENSION TRUST AND DEFINED CONTRIBUTION PLAN
Whereas, RTD maintains the RTD Pension Plan and Trust for salaried employees hired by RTD
before January 1, 2008 and the RTD Defined Contribution Plan and Trust (the Trusts) for employees hired on
or after January 1, 2008; and,
Whereas, RTD Board Directors and salaried staff serve as trustees for the Trusts; and,
Whereas on December 16, 2008 the RTD Board of Directory by Resolution No. 19 Series of 2008
amended Section 7.01 of the RTD Pension Trust regarding appointment of Trustees and provided that each
Trustee who is a member of the Board of Directors of RTD shall serve a term concurrent with his or her elected
term, and one senior management and one middle management Trustee shall each serve a three year, and one
senior management and one middle Trustee shall each serve a two year term; and
Whereas on January 8, 2008 the RTD Board of Directors adopted Resolution No. 1 Series of 2008
providing that a screening committee composed of the Board Chair, the Chair of the Salaried Employee Pension
Trust Fund and the Finance Chair will screen applications from the middle management salaried Employee
Class and the senior management salaried employee calls and will bring recommendations back to the Board;
and,
Whereas on November 10, 2010 Resolution No 27 series of 2010, the Board made additional
modifications to state that for reappointment of trustees who have served satisfactorily and in whose education
the Trusts have made substantial investments, it is not necessary to seek applications for renewal and the
application process established by the RTD Board of Directors in 2008 will be used on those occasions when
the Board finds it necessary or appropriate to appoint new salaried trustees to the Trusts; and,
Whereas the Board of Directors may establish shorter terms as may be necessary to maintain staggered
terms; and,
Whereas, the terms for Scott Reed and Lou Ha expired on 12/31/2013 each of whom has been
previously recommended by the screening committee; and
NOW THEREFORE BE IT RESOLVED THAT
1.
The RTD Board of Directors wish to re-appoint Scott Reed to serve as a senior management Trustee on
the Boards of the Trusts with a new two-year term that will expire on 12-31-2015.
2.
The RTD Board of Directors wishes to re-appoint Lou Ha to serve as a middle management Trustee on
the Boards of the Trusts with a new two year term that will expire on 12-31-2015.
Packet Pg. 4
1.B.1
Passed and adopted by the Board of Directors of the Regional Transportation District this 21 day of January,
2014.
______________________
Charles Sisk, Chair
_____________________
Jeff Walker, Secretary
For information purposes:

Name of Trustee
Judy Lubow
Term Expiration Date

12/31/2016
Tom Tobiassen
12/31/2014
Scott Reed
12/31/2015
Marla Lien
12/31/2014
Sylvia Francis
12/31/2014
Lou Ha
12/31/2015
Terry Howerter, CFO
Permanent Member
Packet Pg. 5
1.C.1

To:
From:
Terry L. Howerter, Chief Financial Officer
GM
Date:
January 9, 2014
Subject:
Salaried Employee Defined Benefit Pension Plan

Update (Howerter/Rael & Letson)
ATTACHMENTS:
RTD Board Presentation 1-2014_Salaried Employees' Pension Trust
(PDF)
Prepared by:
Terry Howerter, Chief Financial Officer
Approved by:
Packet Pg. 6
RTD Salaried
Employees Pension Trust
Fund Status as of January 1, 2013
RAEL & LETSON

Actuaries & Benefit Consultants
Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan
1.C.1.a
Packet Pg. 7
January 14, 2014
January 1, 2013 Valuation Highlights

Total participant count decreased by 8 (from 736 to 728)

Plan closed to new participants on 1/1/2008
Actuarial Accrued Liability increased by $7.8M (from $110.9M to $118.7M)
Actuarial Value of Assets increased by $0.3M (from $103.9M to $104.2M)
Unfunded Actuarial Accrued Liability increased by $7.5M (from $7.0M to

$14.5M)
87.8% funded on an actuarial basis
Recommended contribution increased by $0.5M from $3.9M to $4.4M
1.C.1.a
Packet Pg. 8
Long-Term Funding
Effective with the 2013 Fiscal Year, the funding policy was changed from a
percent of payroll (9% cap) to the recommended contribution amount up to
a $3.1M annual cap
Current funding policy is more prudent given the Plans decreasing active
population and resulting reduction in future expected payroll
If all actuarial assumptions are met each year, including a net investment
return of 7.50% per year, and annual contributions equal the recommended
contribution up to a $3.1M annual cap:
The recommended contribution is projected to decrease from $4.4M in the 2014

Fiscal Year
The recommended contribution is expected to exceed the $3.1M cap through the
2019 Fiscal Year and fall below the cap thereafter
The Plan is projected to reach 100% funding in 2031
1.C.1.a
Packet Pg. 9
Long-Term Funding (Continued)

Per the investment consultant, the estimated 2013 return on investments

through December 31st is 20.7% (net of fees)
If the net return in 2013 is 20%, the Plan is projected to reach 100% funding in
2018 (13 years earlier), and RTD can expect to pay the $3.1M contribution cap
through the 2016 Fiscal Year (3 fewer years), if all other actuarial assumptions
are met
Due to the Plans size and nature, future investment returns have a
significant impact on projected liabilities we will keep the Board apprised
of the impact of the Plans investment performance on future costs
1.C.1.a
Packet Pg. 10
GASB 67/68
GASB 67 (financial accounting for the Plan) is effective for the Plans Fiscal
Year ending December 31, 2014

We will roll forward the January 1, 2014 valuation results to December 31, 2014
Under GASB standards, the long-term investment return assumption must be
sufficient to pay projected benefits and the Plans assets must be invested using a
strategy to achieve this investment return
Based on the Plans projections and new funding policy, the Plans assumed net
investment return of 7.5% satisfies the new GASB standards
GASB 68 (financial accounting for the Employer) is effective for RTDs Fiscal
RTD may early adopt GASB 68 if desired to show consistent reporting for the
Plan and Employer
We will provide the applicable disclosure information for 2014 (GASB 27 or GASB
68) along with the GASB 67 information for the Plan in February 2015
1.C.1.a
Packet Pg. 11
Next Steps
We will continue to monitor and review the following items going

forward:

Funding policy (recommended contribution amount)

Actuarial assumptions and methods
Policies adopted by other public pension plan systems
All such items will be reviewed by Rael & Letson and discussed with
the Board annually
1.C.1.a
Packet Pg. 12
1.C.2

To:
From:
GM
Date:
January 9, 2014
Subject:
Represented Employee Defined Benefit Pension

Plan Update (Howerter/Gabriel Roeder Smith)
ATTACHMENTS:
ATU_RTD Board Presentation
(PDF)
Prepared by:
Terry Howerter, Chief Financial Officer
Approved by:
Packet Pg. 13
RTD/ATU 1001 Pension

Plan
January 14, 2014
Pension Fund Status
As of January 1, 2013
Copyright 2014 GRS All rights reserved.
Packet Pg. 14
Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan
1.C.2.a
1.C.2.a

(the plan is in funding peril)
Contributions are not sufficient to fund the liabilities

Actuarial requirement is for 28.3%; 11.0% is scheduled for receipt
Fund is projected to be fully depleted by 2032
Actuarial Accrued Liability increased by $16.5M

From $406.3M to $422.8M
Actuarial Value of Assets decreased by $11.4M

From $212.3M to $200.9M
Market value increased from $194 M to $198 M
Unfunded Actuarial Accrued Liability increased by $27.9M

From $194.0M to $221.9M
This raises the required contribution amount
Scheduled contributions do not even cover the normal (annual) costs of the plan
2
Packet Pg. 15
1.C.2.a

The normal cost is 13.15% of pay
The scheduled contribution is 11% of pay
New agreement does increase contributions over time
Actuarially recommended contribution increased by $1.8M

This ARC keeps increasing as payments are missed
47.5% funded on an actuarial basis

Total active participant count decreased by 42
From 1,720 to 1,678
New hires will bend down the normal cost, so more funding can go to the unfunded
accrued liability
3
Packet Pg. 16
1.C.2.a
History of the Funded Ratio

Valuation Date- January 1,
Funded Ratio
2002
106.39%
2003
82.96
2004
91.09
2005
91.73
2006
89.06
2007
87.07
2008
86.03
2009
72.57
2010
73.08
2011
68.67
2012
52.24
2013
47.52
4
Packet Pg. 17
The 11% scheduled contribution amount was

insufficient, starting in 2003
Plan Year Ended
December 31,
Percentage of ARC
contributed
2002
102.2%
2003
53.7
2004
60.9
2005
75.3
2006
64.2
2007
64.6
2008
67.8
2009
44.5
2010
59.0
2011
47.3
2012
33.5
2013
--
5
Packet Pg. 18
1.C.2.a
Long-Term Funding-Reforms to
improve the plan
Total ARC is 28.31% of payroll compared to the total scheduled contribution
rate of 11.00% of payroll.

Amendment #22 was adopted in 2010 with the following changes in effect for
participants hired on or after January 1, 2011 (Tier 2):
New benefit schedule listed in Section 6.01 of the Plan provisions
Vesting is changed from 5 years to 10 years
The benefit multiplier is changed from 2.5% to 1.0%
Unreduced retirement is changed from age 55 with 20 years of service to age 60 with 20 years of service
Early retirement reduction is changed from 5.0% from age 55 to 2.5% from age 60
The maximum service included in the benefit calculation is reduced from 30 years to 25 years
Sick and vacation payouts are no longer included in the pension benefit calculation
Interest on employee contributions is changed from 5% to 3%
6
Packet Pg. 19
1.C.2.a
Long-Term Funding-Reforms to
improve the plan
On February 27, 2013, a tentative agreement was reached with the following
schedule for contributions:
Year
RTD
Members
Total
2013
12%
4%
16%
2014
12%
4%
16%
2015
13%
5%
18%
2016
13%
5%
18%
2017
13%
5%
18%
7
Packet Pg. 20
1.C.2.a
Long-Term Funding (Continued)

If all actuarial assumptions are met each year, including a net investment
return of 7.0% per year, and annual contributions equal those stated in the
tentative agreement:
Assets will be fully depleted by 2032
Per the investment consultant, the estimated 2013 investments return is 14%
Incorporating this into the above projections, assets will be fully depleted by 2034
To reach 100% funding by 2043, assets would need to earn over 14% per year through 2019
8
Packet Pg. 21
1.C.2.a
1.C.2.a
RTD/ATU Summary
Reforms have been enacted to reduce benefit accruals for new hires and to
improve the funding of the plan

Projections (based on an assumed 7% return) are not enough to ensure the
plan will remain viable throughout the next 30 years.
9
Packet Pg. 22
GASB 67/68
GASB 67 (financial accounting for the Plan) is effective for the Plans Fiscal
We will roll forward the January 1, 2014 valuation results to December 31, 2014
Under GASB standards, the long-term investment return assumption must be sufficient to
pay projected benefits and the Plans assets must be invested using a strategy to achieve this
investment return
It is possible that the discount rate used to determine the liability for RTDs balance sheet
will be less than the 7% (creating a higher unfunded liability than what the valuation will
show)
GASB 68 (financial accounting for the Employer) is effective for RTDs
Fiscal Year ending December 31, 2015
We will provide the applicable disclosure information for 2014 (GASB 27 or GASB 68) along
with the GASB 67 information for the Plan in February 2015
10
Packet Pg. 23
1.C.2.a
1.C.3

To:
From:
GM
Date:
January 9, 2014
Subject:
November 2013 Monthly

Report (Howerter/MacLeod)
Financial
Status
ATTACHMENTS:
113013 RTD MFS
(PDF)
Prepared by:
Doug MacLeod, Manager
Approved by:
Packet Pg. 24
1.C.3.a

To: Phillip A. Washington, General Manager
From: Terry L. Howerter, Chief Financial Officer

Board Meeting Date:

ACTION
DISCUSSION
Subject: November 2013 Monthly Financial Status Report
INFO
X
DASHBOARD (in Thousands)
Year-to-Date vs. Prior Year-toDate
Ridership
Sales & Use

Tax
Fare Revenue
2.9%
1.0%
239
$92
Ridership
Ridership
Fare Revenue
2.0%
8.5%
$3,070
Sales
&&
Use
Tax
Sales
Use
Tax
4.5%
1,828
$4,691
Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)
Current Month vs. Prior Year

Month
4.3%
$17,508
RIDERSHIP (in Thousands)

Actual vs. Prior Year
Month
Bus
West Line
Light Rail
Revenue Service Boardings
Mall Shuttle
Other
Month System-Wide Boardings
2013 Actual
Variance
% Variance
5,258
368
1,537
7,163
1,104
93
8,360
5,324
1,656
6,980
1,045
96
8,121
(66)
368
(119)
183
59
(3)
239
-1.2%
58,238
2,597
18,738
79,573
12,975
1,044
93,592
58,897
19,170
78,067
12,624
1,074
91,765
(659)
2,597
(432)
1,506
352
(30)
1,828
-1.1%
2013 Actual
8,360
93,592
2013 Budget
8,389
94,112
Variance
(29)
(520)
% Variance
-0.3%
-0.6%
Year-to-Date
Bus
West Line
Light Rail
Revenue Service Boardings
Mall Shuttle
Other
Year-to-Date System-Wide Boardings
Actual vs. Budget
Month
Year-to-Date
2012 Actual
-7.2%
2.6%
5.6%
-3.1%
2.9%
-2.3%
1.9%
2.8%
-2.8%
2.0%
9.7
9.2
2013 Amended Budget

2013 Actual
(Millions)
8.7
8.2
2012 Actual
7.7
7.2
2013 Actual
2013 Amended Budget
2012 Actual
* 2012 had one more day due to Leap Year

** The West Line began it's first full month of revenue service in May 2013
Packet Pg. 25
1.C.3.a
FARE REVENUE (in Thousands)

Month
Year-to-Date
2013 Actual
$
9,156
108,574
2012 Actual
$
9,064
103,883
Variance
$
Actual vs. Budget

Month
Year-to-Date
2013 Actual
$
9,156
108,574
2013 Budget
$
9,708
109,611
Variance
$
(552)
(1,037)
92
4,691
% Variance
1.0%
4.5%
% Variance
-5.7%
-0.9%
$11.5
$11.0
2013 Amended Budget
(Millions)
$10.5
$10.0
2013 Actual
$9.5
2012 Actual
$9.0
$8.5
2013 Actual
2013 Amended Budget
$8.0
2012 Actual
SALES & USE TAXES (in Thousands)

Month
Year-to-Date
2013 Actual
$
39,065
423,053
2012 Actual
$
35,995
405,545
Variance
$
3,070
17,508
% Variance
8.5%
4.3%
Actual vs. Budget

Month
Year-to-Date
2013 Actual
$
39,065
423,053
2013 Budget
$
37,520
420,290
Variance
$
1,545
2,763
% Variance
4.1%
0.7%
$48.0
$46.0
$44.0
2013 Amended Budget
(Millions)
$42.0
$40.0
2013 Actual
$38.0
2012 Actual
$36.0
$34.0
$32.0
2013 Actual
2013 Amended Budget
2012 Actual
Expenditures
Total year-to-date operating expenditures were within the planned amounts included in the 2013 Amended Budget.
Reviewed and verified by: Terry L. Howerter, Chief Financial Officer
Packet Pg. 26
1.C.3.a

STATEMENT OF POSITION
As of November 30, 2013 (In Thousands)
(UNAUDITED)
2013
Base System
2013
FasTracks Project
2013
FasTracks Ops
2013
Combined
December 31, 2012

Combined
Change
ASSETS
Cash & Cash Equivalents
Cash Reserved for Eagle P3 Payment
Receivables:
Sales Taxes
Grants
Other (less allowance for doubtful accts)
138,036
-
175,811
18,264
3,930
-
317,777
18,264
292,839
144,344
24,938
(126,080) (1)
47,084
5,902
7,727
31,389
7,283
7,942
78,473
13,185
15,669
80,237
114,224
14,551
(1,764)
(101,039) (2)
1,118
60,713
46,614
107,327
209,012
(101,685)
Inventory
Prepaid Expenses
Restricted Debt Service/Project Funds
Other Assets
31,207
3,726
213,437
2,483
59,647
597,145
2,553
31,207
63,373
810,582
5,036
30,369
72,880
753,502
6,726
TOTAL CURRENT ASSETS
449,602
900,034
3,930
1,353,566
1,509,672
(156,106)
175,428
1,285,752
248,049
559,877
109,235
123,292
24,289
631,201
9,399
258,718
2,759
2,449,903
199,717
1,916,953
257,448
818,595
111,994
2,573,195
189,910
1,366,950
257,852
785,534
105,286
2,458,498
9,807
550,003
(404)
33,061
6,708
114,697
2,501,633
(1,141,256)
3,376,269
(70,045)
5,877,902
(1,211,301)
5,164,030
(1,108,184)
713,872
(103,117)
1,360,377
3,306,224
4,666,601
4,055,846
610,755
11,050
27,140
1,500
3,239
6,193
27,702
82,032
17,243
54,842
1,500
85,271
17,566
78,013
1,500
87,784
1,403,306
3,422,151
4,825,457
4,240,709
Total Net Receivables
838
(9,507)
57,080 (3)
(1,690)
NONCURRENT ASSETS:
Capital Assets:
Land
Land Improvements
Buildings
Revenue Earning Equipment
Shop, Maintenance & Other Equipment
Construction in Progress
Total Capital Assets
Accumulated Depreciation
Net Capital Assets
TABOR Reserves
Restricted Debt Service/Debt Service Reserves
Deposits
Other
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
1,852,908
4,322,185
3,930
6,179,023
5,750,381
(323)
(23,171) (4)
(2,513)
584,748
$
428,642
(1) Represents earned value portion of Eagle P3 construction payment to be made in January
(2) 2013 drawdown of FasTracks capital grants that were accrued in 2012
(3) Increase in project funds due to the issuance of COPs in 2013 that will continue to be drawn down as bus deliveries occur
(4) Decrease due to refinancing in which reserve funds were released due to RTD credit rating
Packet Pg. 27
CURRENT ASSETS:
1.C.3.a

STATEMENT OF POSITION
As of November 30, 2013 (In Thousands)
(UNAUDITED)
2013
Base System
2013
FasTracks Project
2013
FasTracks Ops
2013
Combined
December 31, 2012

Combined
Change
LIABILITIES
Accounts & Contracts Payable
Current Portion of Long Term Debt
Accrued Compensation
Accrued Interest Payable
Other
TOTAL CURRENT LIABILITIES

NONCURRENT LIABILITIES:
Long Term Debt
Other Long-Term Liabilities
Net Pension Obligation
TOTAL NONCURRENT LIABILITIES
TOTAL LIABILITIES
80,946
45,720
18,664
10,544
14,969
69,846
8,137
17,280
7
450
-
151,242
53,857
18,664
27,824
14,976
278,317
46,575
17,537
17,042
23,511
(127,075) (5)
7,282
1,127
10,782
(8,535)
170,843
95,270
450
266,563
382,982
(116,419)
566,473
50,899
2,063,043
120,819
-
2,629,516
120,819
50,899
2,376,966
120,819
50,899
252,550
-
617,372
2,183,862
2,801,234
2,548,684
252,550
788,215
2,279,132
450
3,067,797
2,931,666
940,502
12,262
48,257
7,223
5,563
16,200
9,000
25,686
1,813,909
6,042
45,982
84,585
30,000
48,449
4,695
4,695
4,695
1,160
1,160
1,160
2,754,411
18,304
94,239
91,808
30,000
48,449
5,563
22,055
14,855
31,541
2,348,683
17,391
115,136
96,011
30,000
161,832
5,614
13,200
6,000
24,848
1,064,693
2,043,052
3,480
3,111,225
2,818,715
292,510
1,852,908
-
4,322,185
-
3,930
-
6,179,023
-
5,750,381
-
428,642
(6)
136,131
NET POSITION
Invested in Capital Assets, Net of Related Debt
TABOR Fund
Debt Service Reserves
Other Restricted Assets
FasTracks Contingency Fund
FasTracks Construction Fund
FasTracks Internal Savings Account (FISA)
Operating Reserve
Board Appropriated Fund
Capital Replacement Fund
Unrestricted Fund Balance
TOTAL NET POSITION
TOTAL LIABILITIES & NET POSITION
405,728
913
(20,897)
(4,203)
(113,383) (7)
5,563 (8)
(5,614)
8,855
8,855
6,693
(5) Reduction due to January scheduled construction payment to DTP on Eagle P3

(6) Increase due to the issuance of COPs in 2013
(7) Decrease due to funding of Eagle P3 earned value payments. Funds will be replenished with draws of bond proceeds.
(8) Sale of Civic Center Air Rights less cost of Northwest Area Mobility Study (NAMS)
Packet Pg. 28
CURRENT LIABILITIES:
1.C.3.a
REGIONAL TRANSPORTATION DISTRICT - COMBINED

STATEMENT OF REVENUE, EXPENSES AND CHANGE IN NET POSITION
November 30, 2013 (In Thousands)
(UNAUDITED)
Month
Combined
Actual
-----------------
Month
Combined
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
YTD
Combined
Actual
-----------------
YTD
Combined
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
Passenger Fares
Advertising, Rent and Other
9,156
421
Total Operating Revenue
9,708
476
(552)
(55)
-5.7%
-11.6%
0.0%
108,574
4,698
(607)
-6.0%
113,272
-0.2%
20.4%
8.6%
-57.7%
51.2%
-0.6%
-1.6%
-17.2%
46.9%
1.4%
-339.1%
87.9%
-2.6%
0.0%
109,611
4,947
(1,037)
(249)
-0.9%
-5.0%
0.0%
114,558
(1,286)
-1.1%
245,926
38,936
3,808
16,054
38,062
7,637
27,571
9,640
3,796
673
361
4,027
104,633
250,382
47,467
5,014
15,921
48,535
7,855
32,624
10,261
4,165
902
173
4,308
101,298
4,456
8,531
1,206
(133)
10,473
218
5,053
621
369
229
(188)
281
(3,335)
1.8%
18.0%
24.1%
-0.8%
21.6%
2.8%
15.5%
6.1%
8.9%
25.4%
-108.7%
6.5%
-3.3%
0.0%
501,124
528,905
27,781
5.3%
6.4%
9,577
10,184
23,231
3,496
360
3,734
3,870
702
2,843
968
216
73
(1,809)
30
9,536
23,174
4,391
394
2,368
7,934
698
2,799
826
407
74
(412)
248
9,295
(57)
895
34
(1,366)
4,064
(4)
(44)
(142)
191
1
1,397
218
(241)
47,250
52,196
4,946
9.5%
(37,673)
(42,012)
4,339
-10.3%
(387,852)
(414,347)
26,495
39,065
7,608
560
813
(77)
(5,895)
37,520
9,568
276
147
(7,270)
1,545
(1,960)
284
666
(77)
1,375
4.1%
-20.5%
102.9%
453.1%
0.0%
-18.9%
0.0%
423,053
78,457
2,773
15,072
(53)
(62,640)
420,290
99,251
2,889
11,493
(65,228)
2,763
(20,794)
(116)
3,579
(53)
2,588
0.7%
-21.0%
-4.0%
31.1%
0.0%
4.0%
0.0%
Net Nonoperating Revenue (Expense)
42,074
40,241
1,833
4.6%
456,662
468,695
(12,033)
-2.6%
INCOME BEFORE CAPITAL GRANTS
4,401
(1,771)
6,172
-348.5%
68,810
54,348
14,462
26.6%
15,639
41,250
(25,611)
-62.1%
225,898
264,500
(38,602)
-14.6%
(19,439)
-49.2%
(24,140)
-7.6%
OPERATING EXPENSES
Bus Operations
Rail Operations
Planning
Capital Programs
Safety, Security and Facilities
General Counsel
Finance and Administration
Communications
Executive Office
Board Office
Other Non-Departmental Expenditures
FasTracks Service Increase
Depreciation
Total Operating Expenses
OPERATING INCOME/(LOSS)
OPERATING REVENUE:
(1)
(2)
(3)
(4)
(5)
(6)
(7)
NONOPERATING REVENUE (EXPENSES)

Sales & Use Tax
Operating Grants
Investment Income
Other Income
Gain/(Loss) Capital Assets
Interest Expense
Capital Grants and Local Contributions

INCREASE/(DECREASE) IN NET POSITION
20,040
39,479
294,708
318,848
(1) Positive variance on purchased transportation due to invoice timing

(2) Variance is primarily due to lower than anticipated costs on replacement parts and the LRV maintenance campaign
(3) Variance due to timing of invoice for Northwest Area Mobilitiy Study (NAMS) costs
(4) West Line pre-revenue service costs less than anticipated
(5) Variance primarily due to timing of multiple projects
(6) Variance due to timing of fare media purchases, low value computer and communication equipment purchases and data processing services
(7) Variance from budgeted costs from invoice timing for route promotion materials and SmartCard
Packet Pg. 29
1.C.3.a
REGIONAL TRANSPORTATION DISTRICT - BASE SYSTEM

(UNAUDITED)
Month
Base System
Actual
-----------------
Month
Base System
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
YTD
Base System
Actual
-----------------
YTD
Base System
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
Passenger Fares
9,263
9,790
(527)
-5.1%
-11.6%
0.0%
-5.4%
23,231
2,600
313
353
3,512
702
2,776
845
216
73
(1,815)
(1,253)
6,291
23,174
3,474
344
1,412
7,582
698
2,730
784
407
74
(413)
(1,097)
6,298
(57)
874
31
1,059
4,070
(4)
(46)
(61)
191
1
1,402
156
7
-0.2%
25.2%
9.0%
75.0%
53.7%
-0.6%
-1.7%
-7.8%
46.9%
1.4%
-339.5%
-14.2%
0.1%
0.0%
37,844
45,467
7,623
(28,581)
(35,677)
23,439
4,303
139
114
(77)
(1,722)


OPERATING EXPENSES
Bus Operations
Rail Operations
Planning
Capital Programs
General Counsel
Communications
Executive Office
Board Office
Depreciation
8,842
421
9,314
476
(472)
(55)
106,176
4,698
106,772
4,947
(596)
(249)
-0.6%
-5.0%
0.0%
(845)
-0.8%
1.8%
21.6%
27.2%
47.4%
23.1%
2.8%
15.6%
8.4%
8.9%
25.4%
-104.0%
-2.1%
-1.1%
0.0%
110,874
111,719
245,926
30,637
3,313
3,769
34,913
7,637
26,953
8,296
3,796
673
355
(10,708)
74,367
250,382
39,058
4,551
7,167
45,374
7,855
31,920
9,053
4,165
902
174
(10,489)
73,535
4,456
8,421
1,238
3,398
10,461
218
4,967
757
369
229
(181)
219
(832)
16.8%
429,927
463,647
33,720
7.3%
7,096
-19.9%
(319,053)
(351,928)
32,875
9.3%
22,512
8,126
100
127
(1,779)
927
(3,823)
39
(13)
(77)
57
4.1%
-47.0%
39.0%
-10.2%
0.0%
-3.2%
0.0%
253,832
75,318
655
10,056
(53)
(19,289)
252,174
91,077
802
9,484
(16,418)
1,658
(15,759)
(147)
572
(53)
(2,871)
0.7%
-17.3%
-18.3%
6.0%
0.0%
-17.5%
0.0%
26,196
29,086
(2,890)
-9.9%
320,519
337,119
(16,600)
-4.9%
(2,385)
(6,591)
4,206
-63.8%
1,466
(14,809)
16,275
109.9%
4,055
6,203
(2,148)
-34.6%
8,881
35,151
(26,270)
-74.7%
(9,995)
-49.1%
OPERATING REVENUE:

Sales & Use Tax
Operating Grants
Investment Income
Other Income
Interest Expense

1,670
(388)
2,058
-530.4%
10,347
20,342
Packet Pg. 30
1.C.3.a
REGIONAL TRANSPORTATION DISTRICT - FASTRACKS PROJECT

(UNAUDITED)
Month
FasTracks Project
Actual
-----------------
Month
FasTracks Project
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
YTD
FasTracks Project
Actual
-----------------
YTD
FasTracks Project
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
Passenger Fares
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1
47
3,306
67
122
6
1,283
3,245
50
883
69
42
1
1,345
2,997
(1)
3
(2,423)
2
(80)
(5)
62
(248)
0.0%
0.0%
6.0%
-274.4%
0.0%
0.0%
2.9%
-190.5%
0.0%
0.0%
-500.0%
4.6%
-8.3%
0.0%
4
495
11,745
618
530
7
14,735
30,266
3
463
8,243
704
470
14,797
27,763
(1)
(32)
(3,502)
86
(60)
(7)
62
(2,503)
0.0%
-33.3%
-6.9%
-42.5%
0.0%
0.0%
12.2%
-12.8%
0.0%
0.0%
0.0%
0.4%
-9.0%
0.0%
8,077
5,387
(2,690)
-49.9%
58,400
52,443
(5,957)
-11.4%
(8,077)
(5,387)
(2,690)
49.9%
(58,400)
(52,443)
(5,957)
11.4%
14,611
3,305
421
699
(4,173)
13,993
1,442
176
20
(5,491)
618
1,863
245
679
1,318
4.4%
129.2%
139.2%
3395.0%
0.0%
-24.0%
0.0%
150,551
3,139
2,118
5,016
(43,351)
149,446
8,174
2,087
2,009
(48,810)
1,105
(5,035)
31
3,007
5,459
0.7%
-61.6%
1.5%
149.7%
0.0%
-11.2%
0.0%
14,863
10,140
4,723
46.6%
117,473
112,906
4,567
4.0%
6,786
4,753
2,033
42.8%
59,073
60,463
(1,390)
-2.3%
11,584
35,047
(23,463)
-66.9%
217,017
229,349
(12,332)
-5.4%
(21,430)
-53.8%
(13,722)
-4.7%
OPERATING EXPENSES
Bus Operations
Rail Operations
Planning
Capital Programs
General Counsel
Communications
Executive Office
Board Office
Depreciation
OPERATING REVENUE:

Sales & Use Tax
Operating Grants
Investment Income
Other Income
Interest Expense

18,370
39,800
276,090
289,812
Packet Pg. 31
1.C.3.a
REGIONAL TRANSPORTATION DISTRICT - FASTRACKS OPERATIONS

(UNAUDITED)
Month
FasTracks Ops
Actual
-----------------
Month
FasTracks Ops
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
YTD
FasTracks Ops
Actual
-----------------
YTD
FasTracks Ops
Budget
-----------------
Fav/
(Unfav)
-----------------
% Fav/
(Unfav)
-------------
Passenger Fares
OPERATING EXPENSES
Bus Operations
Rail Operations
Planning
Capital Programs
General Counsel
Communications
Executive Office
Board Office
Depreciation
314
-
394
-
(80)
-
-20.3%
0.0%
0.0%
2,398
-
2,839
-
(441)
-
-15.5%
0.0%
0.0%
314
394
(80)
-20.3%
2,398
2,839
(441)
-15.5%
895
75
358
1
-
917
73
352
-
22
(2)
(6)
(1)
-
0.0%
2.4%
0.0%
-2.7%
-1.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
8,295
540
3,149
814
(1)
-
8,406
511
3,161
738
(1)
-
111
(29)
12
(76)
-
0.0%
1.3%
0.0%
-5.7%
0.4%
0.0%
0.0%
-10.3%
0.0%
0.0%
0.0%
0.0%
0.0%
1,329
1,342
13
1.0%
(1,015)
(948)
(67)
-21.3%
12,797
12,815
18
(10,399)
(9,976)
(423)
OPERATING REVENUE:
0.1%
-15.7%

Sales & Use Tax
Operating Grants
Investment Income
Other Income
Interest Expense
1,015
-
1,015
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
18,670
-
18,670
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1,015
1,015
0.0%
18,670
18,670
0.0%
67
-100.0%
8,271
8,694
0.0%
67
(67)
$
(67)
-100.0%
8,271
8,694
(423)
$
(423)
-4.9%
0.0%
-4.9%
Packet Pg. 32
1.C.3.a
January
2012
February
2012
March
2012
April
2012
May
2012
June
2012
July
2012
August
2012
September
2012
October
2012
November
2012
December
2012
Total Year
To Date
Sales Tax Collections

Use Tax Collections
Vendor Allowance
Less Cost of Collections Fee
Plus Interest Earned
$ 29,967,067
3,166,944
364,430
(39,560)
21,999
$ 29,337,195
3,200,609
357,872
(39,560)
19,635
$ 33,109,532
3,612,354
403,889
(39,560)
22,164
$ 32,850,700
3,577,804
400,665
(39,560)
19,700
$ 33,941,600
3,414,995
415,493
(39,560)
17,671
$ 35,440,481
4,277,167
441,753
(41,009)
15,824
$ 33,626,601
2,914,549
406,423
(41,009)
19,695
$ 34,457,627
3,460,487
421,738
(41,009)
16,666
$ 35,055,538
3,359,396
427,264
(41,009)
17,902
$ 33,775,579
3,166,066
410,878
(41,009)
18,713
$ 32,468,514
3,154,698
396,214
(41,009)
16,454
$ 39,201,688
4,576,358
486,915
(41,009)
18,457
$ 403,232,122
41,881,427
4,933,534
(484,863)
224,881
Net Sales & Use Tax Received
$ 33,480,880
$ 32,875,751
$ 37,108,379
$ 36,809,309
$ 37,750,199
$ 40,134,216
$ 36,926,260
$ 38,315,509
$ 38,819,091
$ 37,330,227
$ 35,994,871
$ 44,242,409
$ 449,787,100
Favorable/(Unfavorable) to Prior Year
$ 34,606,693
Actual
3,276,993
2,562,924
1,605,410
2,895,524
3,388,016
3,058,507
2,751,961
2,024,736
3,651,913
3,514,206
1,785,281
4,091,223
Percent of Increase/(Decrease)
10.8%
8.5%
4.5%
8.5%
9.9%
8.2%
8.1%
5.6%
10.4%
10.4%
5.2%
10.2%
Percent of Increase Year to Date
10.8%
9.7%
7.8%
8.0%
8.4%
8.3%
8.3%
7.9%
8.2%
8.4%
8.1%
8.3%
January
2013
February
2013
March
2013
April
2013
May
2013
June
2013
July
2013
August
2013
September
2013
October
2013
November
2013

Use Tax Collections
Vendor Allowance
$ 30,967,664
3,092,679
378,831
(41,009)
17,402
$ 30,054,786
3,036,477
334,280
(41,009)
12,199
$ 33,753,289
3,515,962
414,522
(41,009)
15,198
$ 33,017,575
3,116,175
401,892
(41,009)
13,168
$ 36,581,877
3,139,815
441,798
(41,817)
14,375
$ 37,725,868
3,701,092
460,764
(41,817)
16,943
$ 36,278,676
3,192,961
439,017
(41,817)
17,803
$ 37,097,288
3,065,134
446,700
(41,817)
16,927
$ 36,136,177
3,579,510
441,731
(41,817)
17,009
$ 35,583,841
3,415,646
433,766
(41,817)
16,912
$ 35,626,798
3,033,075
429,988
(41,817)
16,940
$ 382,823,839
35,888,526
4,623,289
(456,755)
174,876
$ 34,415,567
$ 33,396,732
$ 37,657,962
$ 36,507,802
$ 40,136,048
$ 41,862,850
$ 39,886,640
$ 40,584,232
$ 40,132,610
$ 39,408,348
$ 39,064,984
$ 423,053,775
$ 17,509,083
Actual
934,687
520,981
549,583
(301,507)
2,385,849
1,728,634
2,960,380
2,268,723
1,313,519
2,078,121
3,070,113
December
2013
Total Year
To Date
2.8%
1.6%
1.5%
-0.8%
6.3%
4.3%
8.0%
5.9%
3.4%
5.6%
8.5%
0.0%
2.8%
2.2%
1.9%
1.2%
2.3%
2.7%
3.4%
3.8%
3.7%
3.9%
4.3%
0.0%
Actual
Forecast
January
2013
February
2013
March
2013
April
2013
May
2013
June
2013
July
2013
August
2013
September
2013
October
2013
November
2013
December
2013
Total Year
To Date

Use Tax Collections
Vendor Allowance
$ 30,967,664
3,092,679
378,831
(41,009)
17,402
$ 30,054,786
3,036,477
334,280
(41,009)
12,199
$ 33,753,289
3,515,962
414,522
(41,009)
15,198
$ 33,017,575
3,116,175
401,892
(41,009)
13,168
$ 36,581,877
3,139,815
441,798
(41,817)
14,375
$ 37,725,868
3,701,092
460,764
(41,817)
16,943
$ 36,278,676
3,192,961
439,017
(41,817)
17,803
$ 37,097,288
3,065,134
446,700
(41,817)
16,927
$ 36,136,177
3,579,510
441,731
(41,817)
17,009
$ 35,583,841
3,415,646
433,766
(41,817)
16,912
$ 35,626,798
3,033,075
429,988
(41,817)
16,940
$ 40,948,294
4,797,889
510,225
(41,817)
23,192
$ 423,772,133
40,686,415
5,133,514
(498,572)
198,068
$ 34,415,567
$ 33,396,732
$ 37,657,962
$ 36,507,802
$ 40,136,048
$ 41,862,850
$ 39,886,640
$ 40,584,232
$ 40,132,610
$ 39,408,348
$ 39,064,984
$ 46,237,783
$ 469,291,558
$ 19,504,457
Actual Plus CU-Leeds Forecast
934,687
520,981
549,583
(301,507)
2,385,849
1,728,634
2,960,380
2,268,723
1,313,519
2,078,121
3,070,113
1,995,374
2.8%
1.6%
1.5%
-0.8%
6.3%
4.3%
8.0%
5.9%
3.4%
5.6%
8.5%
4.5%
2.8%
2.2%
1.9%
1.2%
2.3%
2.7%
3.4%
3.8%
3.7%
3.9%
4.3%
4.3%
January 2013 includes $1,852,714 for taxes that were due in January and will be paid in February due to a vendor filing incorrect tax forms from August-December 2012
Packet Pg. 33

SYSTEM 1% SALES & USE TAX INCLUDING VENDOR ALLOWANCE
FISCAL YEARS 2012 AND 2013

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1600 Blake Street

Regional Transportation District

Gary Lasater, District G

Financial Administration and Audit Committee

Resolution No. ____, Series of 2014 Appointment of Trustees to the RTD

Salaried Employee Defined Benefit Pension Plan Update (Howerter/Rael &

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BOARD OF DIRECTORS REPORT

Phillip A. Washington, General Manager

Date: January 9, 2014

Terry L. Howerter,Chief Financial Officer

Board Meeting Date: January 14, 2014

Resolution No. ____, Series of 2014

REGIONAL TRANSPORTATION DISTRICT

For information purposes:

Term Expiration Date

Terry Howerter, CFO

BOARD OF DIRECTORS REPORT

Phillip A. Washington, General Manager

Date: January 9, 2014

Terry L. Howerter, Chief Financial Officer

Board Meeting Date: January 14, 2014

Salaried Employee Defined Benefit Pension Plan

RTD Board Presentation 1-2014_Salaried Employees' Pension Trust

Fund Status as of January 1, 2013

RAEL & LETSON

January 14, 2014

January 1, 2013 Valuation Highlights

Total participant count decreased by 8 (from 736 to 728)

Plan closed to new participants on 1/1/2008

Actuarial Accrued Liability increased by $7.8M (from $110.9M to $118.7M)

Actuarial Value of Assets increased by $0.3M (from $103.9M to $104.2M)

Unfunded Actuarial Accrued Liability increased by $7.5M (from $7.0M to

87.8% funded on an actuarial basis

Recommended contribution increased by $0.5M from $3.9M to $4.4M

The recommended contribution is projected to decrease from $4.4M in the 2014

Long-Term Funding (Continued)

Per the investment consultant, the estimated 2013 return on investments

We will continue to monitor and review the following items going

Funding policy (recommended contribution amount)

BOARD OF DIRECTORS REPORT

Phillip A. Washington, General Manager

Date: January 9, 2014

Terry L. Howerter, Chief Financial Officer

Board Meeting Date: January 14, 2014

Represented Employee Defined Benefit Pension

ATU_RTD Board Presentation

RTD/ATU 1001 Pension

Copyright 2014 GRS All rights reserved.

January 1, 2013 Valuation Highlights

Contributions are not sufficient to fund the liabilities

Actuarial Accrued Liability increased by $16.5M

Actuarial Value of Assets decreased by $11.4M

Unfunded Actuarial Accrued Liability increased by $27.9M

January 1, 2013 Valuation Highlights

Actuarially recommended contribution increased by $1.8M

47.5% funded on an actuarial basis

History of the Funded Ratio

The 11% scheduled contribution amount was

rate of 11.00% of payroll.

schedule for contributions:

Long-Term Funding (Continued)

improve the funding of the plan