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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

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:

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

Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan

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

Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan

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

Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan

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
Year ending December 31, 2015


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

Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan

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

Attachment: RTD Board Presentation 1-2014_Salaried Employees' Pension Trust (1842 : Salaried Employee Defined Benefit Pension Plan

1.C.1.a

Packet Pg. 12

1.C.2

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:

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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

1.C.2.a

January 1, 2013 Valuation Highlights


(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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

1.C.2.a

January 1, 2013 Valuation Highlights


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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

1.C.2.a

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

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

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
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

Attachment: ATU_RTD Board Presentation (1843 : Represented Employee Defined Benefit Pension Plan

1.C.2.a

1.C.3

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:

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

BOARD OF DIRECTORS REPORT


To: Phillip A. Washington, General Manager

Date: January 14, 2014

From: Terry L. Howerter, Chief Financial Officer


Date: January 8, 2014

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)


Actual vs. Prior Year
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

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

$8.0

2012 Actual

SALES & USE TAXES (in Thousands)


Actual vs. Prior Year
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

REGIONAL TRANSPORTATION DISTRICT


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

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

CURRENT ASSETS:

1.C.3.a

REGIONAL TRANSPORTATION DISTRICT


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

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

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)

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

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


STATEMENT OF REVENUE, EXPENSES AND CHANGE IN NET POSITION
November 30, 2013 (In Thousands)
(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
Advertising, Rent and Other

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)

Net Nonoperating Revenue (Expense)


INCOME BEFORE CAPITAL GRANTS

Total Operating Revenue


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)

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%

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

OPERATING REVENUE:

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

1,670

(388)

2,058

-530.4%

10,347

20,342

Packet Pg. 30

1.C.3.a

REGIONAL TRANSPORTATION DISTRICT - FASTRACKS PROJECT


STATEMENT OF REVENUE, EXPENSES AND CHANGE IN NET POSITION
November 30, 2013 (In Thousands)
(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
Advertising, Rent and Other

Total Operating Revenue

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%

Net Nonoperating Revenue (Expense)

14,863

10,140

4,723

46.6%

117,473

112,906

4,567

4.0%

INCOME BEFORE CAPITAL GRANTS

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
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)

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

OPERATING REVENUE:

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

18,370

39,800

276,090

289,812

Packet Pg. 31

1.C.3.a

REGIONAL TRANSPORTATION DISTRICT - FASTRACKS OPERATIONS


STATEMENT OF REVENUE, EXPENSES AND CHANGE IN NET POSITION
November 30, 2013 (In Thousands)
(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
Advertising, Rent and Other
Total Operating Revenue
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
Depreciation
Total Operating Expenses
OPERATING INCOME/(LOSS)

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)

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

OPERATING REVENUE:

0.1%
-15.7%

NONOPERATING REVENUE (EXPENSES)


Sales & Use Tax
Operating Grants
Investment Income
Other Income
Gain/(Loss) Capital Assets
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%

INCOME BEFORE CAPITAL GRANTS

67

-100.0%

8,271

8,694

Capital Grants and Local Contributions

0.0%

Net Nonoperating Revenue (Expense)

INCREASE/(DECREASE) IN NET POSITION

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

Sales Tax Collections


Use Tax Collections
Vendor Allowance
Less Cost of Collections Fee
Plus Interest Earned

$ 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

Net Sales & Use Tax Received

$ 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

Favorable/(Unfavorable) to Prior Year

$ 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

Percent of Increase/(Decrease)

2.8%

1.6%

1.5%

-0.8%

6.3%

4.3%

8.0%

5.9%

3.4%

5.6%

8.5%

0.0%

Percent of Increase Year to Date

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

Sales Tax Collections


Use Tax Collections
Vendor Allowance
Less Cost of Collections Fee
Plus Interest Earned

$ 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

Net Sales & Use Tax Received

$ 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

Favorable/(Unfavorable) to Prior Year

$ 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

Percent of Increase/(Decrease)

2.8%

1.6%

1.5%

-0.8%

6.3%

4.3%

8.0%

5.9%

3.4%

5.6%

8.5%

4.5%

Percent of Increase Year to Date

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

Attachment: 113013 RTD MFS (1845 : November 2013 Monthly Financial Status Report)

REGIONAL TRANSPORTATION DISTRICT


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