pension fund rtd doc for this time point

Regional Transportation District 1600 Blake Street

Denver, CO 80202-1399

303-299-2303

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 Gary Lasater, District G

Kent Bagley, District H Judy Lubow, District I

Bruce Daly, District N Natalie Menten, District M

Barbara Deadwyler, District B Angie Rivera-Malpiede, District C

Dr. Claudia Folska, District E 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.

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:

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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.

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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 Term Expiration Date

Judy Lubow 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

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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:

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RTD Salaried Employees’ Pension Trust

RAEL & LETSONActuaries & Benefit Consultants

Fund Status as of January 1, 2013

January 14, 2014

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

1

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

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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 Plan’s 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

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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 Plan’s size and nature, future investment returns have a significant impact on projected liabilities – we will keep the Board apprised of the impact of the Plan’s investment performance on future costs

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GASB 67/68

� GASB 67 (financial accounting for the Plan) is effective for the Plan’s 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 Plan’s assets must be invested using a strategy to achieve this investment return

� Based on the Plan’s projections and new funding policy, the Plan’s assumed net investment return of 7.5% satisfies the new GASB standards

� GASB 68 (financial accounting for the Employer) is effective for RTD’s 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

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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

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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:

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Copyright © 2014 GRS – All rights reserved.

RTD/ATU 1001 Pension Plan

January 14, 2014

Pension Fund StatusAs of January 1, 2013

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January 1, 2013 Valuation Highlights(the plan is in funding peril)

Ã 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

Ã Actuarial Accrued Liability increased by $16.5M

• From $406.3M to $422.8M

Ã Actuarial Value of Assets decreased by $11.4M

• From $212.3M to $200.9M

• Market value increased from $194 M to $198 M

Ã 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

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January 1, 2013 Valuation Highlights

Ã The normal cost is 13.15% of pay

• The scheduled contribution is 11% of pay

• New agreement does increase contributions over time

Ã Actuarially recommended contribution increased by $1.8M

• This ARC keeps increasing as payments are “missed”

Ã 47.5% funded on an actuarial basis

Ã 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

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History of the Funded Ratio

4

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

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The 11% scheduled contribution amount was insufficient, starting in 2003

5

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 --

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Long-Term Funding-Reforms to improve the plan

6

Ã Total ARC is 28.31% of payroll compared to the total scheduled contribution rate of 11.00% of payroll.

Ã 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%

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Long-Term Funding-Reforms to improve the plan

7

Ã 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%

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Long-Term Funding (Continued)

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Ã 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

Ã 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

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RTD/ATU Summary

Ã Reforms have been enacted to reduce benefit accruals for new hires and to improve the funding of the plan

Ã Projections (based on an assumed 7% return) are not enough to ensure the plan will remain viable throughout the next 30 years.

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GASB 67/68

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Ã GASB 67 (financial accounting for the Plan) is effective for the Plan’s 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 Plan’s 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 RTD’s balance sheet will be less than the 7% (creating a higher unfunded liability than what the valuation will show)

Ã GASB 68 (financial accounting for the Employer) is effective for RTD’s 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

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To:



From:


GM

Date:

January 9, 2014


Subject:

November 2013 Monthly Financial Status

Report (Howerter/MacLeod)

ATTACHMENTS:

113013 RTD MFS (PDF)

Prepared by:

Doug MacLeod, Manager

Approved by:

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INFO

X

2.9% 1.0% 8.5%

239 $92 $3,070

Sales & Use Tax

Ridership

2.0% 4.5% 4.3%

1,828 $4,691 $17,508

Actual vs. Prior Year 2013 Actual 2012 Actual Variance % Variance

Month

Bus 5,258 5,324 (66) -1.2%

West Line 368 - 368

Light Rail 1,537 1,656 (119) -7.2%

Revenue Service Boardings 7,163 6,980 183 2.6%

Mall Shuttle 1,104 1,045 59 5.6%

Other 93 96 (3) -3.1%

Month System-Wide Boardings 8,360 8,121 239 2.9%

Year-to-Date

Bus 58,238 58,897 (659) -1.1%

West Line 2,597 - 2,597

Light Rail 18,738 19,170 (432) -2.3%

Revenue Service Boardings 79,573 78,067 1,506 1.9%

Mall Shuttle 12,975 12,624 352 2.8%

Other 1,044 1,074 (30) -2.8%

Year-to-Date System-Wide Boardings 93,592 91,765 1,828 2.0%

Actual vs. Budget 2013 Actual 2013 Budget Variance % Variance

Month 8,360 8,389 (29) -0.3%

Year-to-Date 93,592 94,112 (520) -0.6%

* 2012 had one more day due to Leap Year

** The West Line began it's first full month of revenue service in May 2013

DISCUSSION

RIDERSHIP (in Thousands)

Subject: November 2013 Monthly Financial Status Report ACTION

DASHBOARD (in Thousands)

Current Month vs. Prior Year

Month

Year-to-Date vs. Prior Year-to-

Date

To: Phillip A. Washington, General Manager

From: Terry L. Howerter, Chief Financial Officer



Board Meeting Date:

7.2

7.7

8.2

8.7

9.2

9.7

(Mil

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2013 Actual 2013 Amended Budget 2012 Actual

2013 Amended Budget

2013 Actual

2012 Actual

Ridership Fare Revenue

Ridership Fare Revenue Sales & Use

Tax

Sales & Use Tax

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Month 9,156$ 9,064$ 92$ 1.0%

Year-to-Date 108,574 103,883 4,691 4.5%


Month 9,156$ 9,708$ (552)$ -5.7%

Year-to-Date 108,574 109,611 (1,037) -0.9%


Month 39,065$ 35,995$ 3,070$ 8.5%

Year-to-Date 423,053 405,545 17,508 4.3%


Month 39,065$ 37,520$ 1,545$ 4.1%

Year-to-Date 423,053 420,290 2,763 0.7%

Reviewed and verified by: Terry L. Howerter, Chief Financial Officer

Total year-to-date operating expenditures were within the planned amounts included in the 2013 Amended Budget.

Expenditures

FARE REVENUE (in Thousands)

SALES & USE TAXES (in Thousands)

$8.0

$8.5

$9.0

$9.5

$10.0

$10.5

$11.0

$11.5

(Mil

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2013 Actual

2013 Amended Budget

2012 Actual

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$48.0

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2012 Actual

2013 Amended Budget

2013 Actual

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STATEMENT OF POSITIONAs of November 30, 2013 (In Thousands)

(UNAUDITED)

2013 2013 2013 2013 December 31, 2012

Base System FasTracks Project FasTracks Ops Combined Combined Change

ASSETS

CURRENT ASSETS:

Cash & Cash Equivalents 138,036$ 175,811$ 3,930$ 317,777$ 292,839$ 24,938$

Cash Reserved for Eagle P3 Payment - 18,264 - 18,264 144,344 (126,080) (1)

Receivables:

Sales Taxes 47,084 31,389 - 78,473 80,237 (1,764)

Grants 5,902 7,283 - 13,185 114,224 (101,039) (2)

Other (less allowance for doubtful accts) 7,727 7,942 - 15,669 14,551 1,118

Total Net Receivables 60,713 46,614 - 107,327 209,012 (101,685)

Inventory 31,207 - - 31,207 30,369 838

Prepaid Expenses 3,726 59,647 - 63,373 72,880 (9,507)

Restricted Debt Service/Project Funds 213,437 597,145 - 810,582 753,502 57,080 (3)

Other Assets 2,483 2,553 - 5,036 6,726 (1,690)

TOTAL CURRENT ASSETS 449,602 900,034 3,930 1,353,566 1,509,672 (156,106)

NONCURRENT ASSETS:

Capital Assets:

Land 175,428 24,289 - 199,717 189,910 9,807

Land Improvements 1,285,752 631,201 - 1,916,953 1,366,950 550,003

Buildings 248,049 9,399 - 257,448 257,852 (404)

Revenue Earning Equipment 559,877 258,718 - 818,595 785,534 33,061

Shop, Maintenance & Other Equipment 109,235 2,759 - 111,994 105,286 6,708

Construction in Progress 123,292 2,449,903 - 2,573,195 2,458,498 114,697

Total Capital Assets 2,501,633 3,376,269 - 5,877,902 5,164,030 713,872

Accumulated Depreciation (1,141,256) (70,045) - (1,211,301) (1,108,184) (103,117)

Net Capital Assets 1,360,377 3,306,224 - 4,666,601 4,055,846 610,755

TABOR Reserves 11,050 6,193 - 17,243 17,566 (323)

Restricted Debt Service/Debt Service Reserves 27,140 27,702 - 54,842 78,013 (23,171) (4)

Deposits 1,500 - - 1,500 1,500 -

Other 3,239 82,032 - 85,271 87,784 (2,513)

TOTAL NONCURRENT ASSETS 1,403,306 3,422,151 - 4,825,457 4,240,709 584,748

TOTAL ASSETS 1,852,908$ 4,322,185$ 3,930$ 6,179,023$ 5,750,381$ 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


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STATEMENT OF POSITIONAs of November 30, 2013 (In Thousands)

(UNAUDITED)

2013 2013 2013 2013 December 31, 2012

Base System FasTracks Project FasTracks Ops Combined Combined Change


LIABILITIES

CURRENT LIABILITIES:

Accounts & Contracts Payable 80,946$ 69,846$ 450$ 151,242$ 278,317$ (127,075)$ (5)

Current Portion of Long Term Debt 45,720 8,137 - 53,857 46,575 7,282

Accrued Compensation 18,664 - - 18,664 17,537 1,127

Accrued Interest Payable 10,544 17,280 - 27,824 17,042 10,782

Other 14,969 7 - 14,976 23,511 (8,535)

TOTAL CURRENT LIABILITIES 170,843 95,270 450 266,563 382,982 (116,419)

NONCURRENT LIABILITIES:

Long Term Debt 566,473 2,063,043 - 2,629,516 2,376,966 252,550 (6)

Other Long-Term Liabilities - 120,819 - 120,819 120,819 -

Net Pension Obligation 50,899 - - 50,899 50,899 -

TOTAL NONCURRENT LIABILITIES 617,372 2,183,862 - 2,801,234 2,548,684 252,550

TOTAL LIABILITIES 788,215$ 2,279,132$ 450$ 3,067,797$ 2,931,666$ 136,131$

NET POSITION

Invested in Capital Assets, Net of Related Debt 940,502$ 1,813,909$ -$ 2,754,411$ 2,348,683$ 405,728$

TABOR Fund 12,262 6,042 - 18,304 17,391 913

Debt Service Reserves 48,257 45,982 - 94,239 115,136 (20,897)

Other Restricted Assets 7,223 84,585 - 91,808 96,011 (4,203)

FasTracks Contingency Fund - 30,000 - 30,000 30,000 -

FasTracks Construction Fund - 48,449 - 48,449 161,832 (113,383) (7)

FasTracks Internal Savings Account (FISA) 5,563 - - 5,563 - 5,563 (8)

Operating Reserve - - - - 5,614 (5,614)

Board Appropriated Fund 16,200 4,695 1,160 22,055 13,200 8,855

Capital Replacement Fund 9,000 4,695 1,160 14,855 6,000 8,855

Unrestricted Fund Balance 25,686 4,695 1,160 31,541 24,848 6,693

TOTAL NET POSITION 1,064,693$ 2,043,052$ 3,480$ 3,111,225$ 2,818,715$ 292,510$

TOTAL LIABILITIES & NET POSITION 1,852,908$ 4,322,185$ 3,930$ 6,179,023$ 5,750,381$ 428,642$

- - - - -

(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)

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REGIONAL TRANSPORTATION DISTRICT - COMBINED

STATEMENT OF REVENUE, EXPENSES AND CHANGE IN NET POSITIONNovember 30, 2013 (In Thousands)

(UNAUDITED)

Month Month YTD YTD

Combined Combined Fav/ % Fav/ Combined Combined Fav/ % Fav/

Actual Budget (Unfav) (Unfav) Actual Budget (Unfav) (Unfav)

----------------- ----------------- ----------------- ------------- ----------------- ----------------- ----------------- -------------

OPERATING REVENUE:

Passenger Fares 9,156$ 9,708$ (552)$ -5.7% 108,574$ 109,611$ (1,037)$ -0.9%

Advertising, Rent and Other 421 476 (55) -11.6% 4,698 4,947 (249) -5.0%0.0% 0.0%

Total Operating Revenue 9,577 10,184 (607) -6.0% 113,272 114,558 (1,286) -1.1%

OPERATING EXPENSES

Bus Operations 23,231 23,174 (57) -0.2% 245,926 250,382 4,456 1.8% (1)

Rail Operations 3,496 4,391 895 20.4% 38,936 47,467 8,531 18.0% (2)

Planning 360 394 34 8.6% 3,808 5,014 1,206 24.1% (3)

Capital Programs 3,734 2,368 (1,366) -57.7% 16,054 15,921 (133) -0.8% (4)

Safety, Security and Facilities 3,870 7,934 4,064 51.2% 38,062 48,535 10,473 21.6% (5)

General Counsel 702 698 (4) -0.6% 7,637 7,855 218 2.8%

Finance and Administration 2,843 2,799 (44) -1.6% 27,571 32,624 5,053 15.5% (6)

Communications 968 826 (142) -17.2% 9,640 10,261 621 6.1% (7)

Executive Office 216 407 191 46.9% 3,796 4,165 369 8.9%

Board Office 73 74 1 1.4% 673 902 229 25.4%

Other Non-Departmental Expenditures (1,809) (412) 1,397 -339.1% 361 173 (188) -108.7%

FasTracks Service Increase 30 248 218 87.9% 4,027 4,308 281 6.5%

Depreciation 9,536 9,295 (241) -2.6% 104,633 101,298 (3,335) -3.3%0.0% 0.0%

Total Operating Expenses 47,250 52,196 4,946 9.5% 501,124 528,905 27,781 5.3%

OPERATING INCOME/(LOSS) (37,673) (42,012) 4,339 -10.3% (387,852) (414,347) 26,495 6.4%

NONOPERATING REVENUE (EXPENSES)

Sales & Use Tax 39,065 37,520 1,545 4.1% 423,053 420,290 2,763 0.7%

Operating Grants 7,608 9,568 (1,960) -20.5% 78,457 99,251 (20,794) -21.0%

Investment Income 560 276 284 102.9% 2,773 2,889 (116) -4.0%

Other Income 813 147 666 453.1% 15,072 11,493 3,579 31.1%

Gain/(Loss) Capital Assets (77) - (77) 0.0% (53) - (53) 0.0%

Interest Expense (5,895) (7,270) 1,375 -18.9% (62,640) (65,228) 2,588 4.0%0.0% 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%

Capital Grants and Local Contributions 15,639 41,250 (25,611) -62.1% 225,898 264,500 (38,602) -14.6%

INCREASE/(DECREASE) IN NET POSITION 20,040$ 39,479$ (19,439)$ -49.2% 294,708$ 318,848$ (24,140)$ -7.6%

(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

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REGIONAL TRANSPORTATION DISTRICT - BASE SYSTEM


(UNAUDITED)

Month Month YTD YTD

Base System Base System Fav/ % Fav/ Base System Base System Fav/ % Fav/


----------------- ----------------- ----------------- ------------- ----------------- ----------------- ----------------- -------------

OPERATING REVENUE:

Passenger Fares 8,842$ 9,314$ (472)$ -5.1% 106,176$ 106,772$ (596)$ -0.6%

Advertising, Rent and Other 421 476 (55) -11.6% 4,698 4,947 (249) -5.0%0.0% 0.0%

Total Operating Revenue 9,263 9,790 (527) -5.4% 110,874 111,719 (845) -0.8%

OPERATING EXPENSES

Bus Operations 23,231 23,174 (57) -0.2% 245,926 250,382 4,456 1.8%

Rail Operations 2,600 3,474 874 25.2% 30,637 39,058 8,421 21.6%

Planning 313 344 31 9.0% 3,313 4,551 1,238 27.2%

Capital Programs 353 1,412 1,059 75.0% 3,769 7,167 3,398 47.4%

Safety, Security and Facilities 3,512 7,582 4,070 53.7% 34,913 45,374 10,461 23.1%

General Counsel 702 698 (4) -0.6% 7,637 7,855 218 2.8%

Finance and Administration 2,776 2,730 (46) -1.7% 26,953 31,920 4,967 15.6%

Communications 845 784 (61) -7.8% 8,296 9,053 757 8.4%

Executive Office 216 407 191 46.9% 3,796 4,165 369 8.9%

Board Office 73 74 1 1.4% 673 902 229 25.4%

Other Non-Departmental Expenditures (1,815) (413) 1,402 -339.5% 355 174 (181) -104.0%

FasTracks Service Increase (1,253) (1,097) 156 -14.2% (10,708) (10,489) 219 -2.1%

Depreciation 6,291 6,298 7 0.1% 74,367 73,535 (832) -1.1%0.0% 0.0%

Total Operating Expenses 37,844 45,467 7,623 16.8% 429,927 463,647 33,720 7.3%

OPERATING INCOME/(LOSS) (28,581) (35,677) 7,096 -19.9% (319,053) (351,928) 32,875 9.3%


Sales & Use Tax 23,439 22,512 927 4.1% 253,832 252,174 1,658 0.7%

Operating Grants 4,303 8,126 (3,823) -47.0% 75,318 91,077 (15,759) -17.3%

Investment Income 139 100 39 39.0% 655 802 (147) -18.3%

Other Income 114 127 (13) -10.2% 10,056 9,484 572 6.0%

Gain/(Loss) Capital Assets (77) - (77) 0.0% (53) - (53) 0.0%

Interest Expense (1,722) (1,779) 57 -3.2% (19,289) (16,418) (2,871) -17.5%0.0% 0.0%

Net Nonoperating Revenue (Expense) 26,196 29,086 (2,890) -9.9% 320,519 337,119 (16,600) -4.9%

INCOME BEFORE CAPITAL GRANTS (2,385) (6,591) 4,206 -63.8% 1,466 (14,809) 16,275 109.9%


INCREASE/(DECREASE) IN NET POSITION 1,670$ (388)$ 2,058$ -530.4% 10,347$ 20,342$ (9,995)$ -49.1%

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REGIONAL TRANSPORTATION DISTRICT - FASTRACKS PROJECT


(UNAUDITED)

Month Month YTD YTD

FasTracks Project FasTracks Project Fav/ % Fav/ FasTracks Project FasTracks Project Fav/ % Fav/


----------------- ----------------- ----------------- ------------- ----------------- ----------------- ----------------- -------------

OPERATING REVENUE:

Passenger Fares -$ -$ -$ 0.0% -$ -$ -$ 0.0%

Advertising, Rent and Other - - - 0.0% - - - 0.0%0.0% 0.0%

Total Operating Revenue - - - 0.0% - - - 0.0%

OPERATING EXPENSES

Bus Operations - - - 0.0% - - - 0.0%

Rail Operations 1 - (1) 0.0% 4 3 (1) -33.3%

Planning 47 50 3 6.0% 495 463 (32) -6.9%

Capital Programs 3,306 883 (2,423) -274.4% 11,745 8,243 (3,502) -42.5%

Safety, Security and Facilities - - - 0.0% - - - 0.0%

General Counsel - - - 0.0% - - - 0.0%

Finance and Administration 67 69 2 2.9% 618 704 86 12.2%

Communications 122 42 (80) -190.5% 530 470 (60) -12.8%

Executive Office - - - 0.0% - - - 0.0%

Board Office - - - 0.0% - - - 0.0%

Other Non-Departmental Expenditures 6 1 (5) -500.0% 7 - (7) 0.0%

FasTracks Service Increase 1,283 1,345 62 4.6% 14,735 14,797 62 0.4%

Depreciation 3,245 2,997 (248) -8.3% 30,266 27,763 (2,503) -9.0%0.0% 0.0%

Total Operating Expenses 8,077 5,387 (2,690) -49.9% 58,400 52,443 (5,957) -11.4%

OPERATING INCOME/(LOSS) (8,077) (5,387) (2,690) 49.9% (58,400) (52,443) (5,957) 11.4%


Sales & Use Tax 14,611 13,993 618 4.4% 150,551 149,446 1,105 0.7%

Operating Grants 3,305 1,442 1,863 129.2% 3,139 8,174 (5,035) -61.6%

Investment Income 421 176 245 139.2% 2,118 2,087 31 1.5%

Other Income 699 20 679 3395.0% 5,016 2,009 3,007 149.7%

Gain/(Loss) Capital Assets - - - 0.0% - - - 0.0%

Interest Expense (4,173) (5,491) 1,318 -24.0% (43,351) (48,810) 5,459 -11.2%0.0% 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%


INCREASE/(DECREASE) IN NET POSITION 18,370$ 39,800$ (21,430)$ -53.8% 276,090$ 289,812$ (13,722)$ -4.7%

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REGIONAL TRANSPORTATION DISTRICT - FASTRACKS OPERATIONS


(UNAUDITED)

Month Month YTD YTD

FasTracks Ops FasTracks Ops Fav/ % Fav/ FasTracks Ops FasTracks Ops Fav/ % Fav/


----------------- ----------------- ----------------- ------------- ----------------- ----------------- ----------------- -------------

OPERATING REVENUE:

Passenger Fares 314$ 394$ (80)$ -20.3% 2,398$ 2,839$ (441)$ -15.5%

Advertising, Rent and Other - - - 0.0% - - - 0.0%0.0% 0.0%

Total Operating Revenue 314 394 (80) -20.3% 2,398 2,839 (441) -15.5%

OPERATING EXPENSES

Bus Operations - - - 0.0% - - - 0.0%

Rail Operations 895 917 22 2.4% 8,295 8,406 111 1.3%

Planning - - - 0.0% - - - 0.0%

Capital Programs 75 73 (2) -2.7% 540 511 (29) -5.7%

Safety, Security and Facilities 358 352 (6) -1.7% 3,149 3,161 12 0.4%

General Counsel - - - 0.0% - - - 0.0%

Finance and Administration - - - 0.0% - - - 0.0%

Communications 1 - (1) 0.0% 814 738 (76) -10.3%

Executive Office - - - 0.0% - - - 0.0%

Board Office - - - 0.0% - - - 0.0%

Other Non-Departmental Expenditures - - - 0.0% (1) (1) - 0.0%

Depreciation - - - 0.0% - - - 0.0%0.0% 0.0%

Total Operating Expenses 1,329 1,342 13 1.0% 12,797 12,815 18 0.1%

OPERATING INCOME/(LOSS) (1,015) (948) (67) -21.3% (10,399) (9,976) (423) -15.7%


Sales & Use Tax 1,015 1,015 - 0.0% 18,670 18,670 - 0.0%

Operating Grants - - - 0.0% - - - 0.0%

Investment Income - - - 0.0% - - - 0.0%

Other Income - - - 0.0% - - - 0.0%

Gain/(Loss) Capital Assets - - - 0.0% - - - 0.0%

Interest Expense - - - 0.0% - - - 0.0%0.0% 0.0%

Net Nonoperating Revenue (Expense) 1,015 1,015 - 0.0% 18,670 18,670 - 0.0%

INCOME BEFORE CAPITAL GRANTS - 67 (67) -100.0% 8,271 8,694 (423) -4.9%

Capital Grants and Local Contributions - - - 0.0% - - - 0.0%

INCREASE/(DECREASE) IN NET POSITION -$ 67$ (67)$ -100.0% 8,271$ 8,694$ (423)$ -4.9%

1.C.3.a

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SYSTEM 1% SALES & USE TAX INCLUDING VENDOR ALLOWANCE

FISCAL YEARS 2012 AND 2013

January February March April May June July August September October November December Total Year

Actual 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 To Date

Sales Tax Collections 29,967,067$ 29,337,195$ 33,109,532$ 32,850,700$ 33,941,600$ 35,440,481$ 33,626,601$ 34,457,627$ 35,055,538$ 33,775,579$ 32,468,514$ 39,201,688$ 403,232,122$

Use Tax Collections 3,166,944 3,200,609 3,612,354 3,577,804 3,414,995 4,277,167 2,914,549 3,460,487 3,359,396 3,166,066 3,154,698 4,576,358 41,881,427

Vendor Allowance 364,430 357,872 403,889 400,665 415,493 441,753 406,423 421,738 427,264 410,878 396,214 486,915 4,933,534

Less Cost of Collections Fee (39,560) (39,560) (39,560) (39,560) (39,560) (41,009) (41,009) (41,009) (41,009) (41,009) (41,009) (41,009) (484,863)

Plus Interest Earned 21,999 19,635 22,164 19,700 17,671 15,824 19,695 16,666 17,902 18,713 16,454 18,457 224,881

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 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$ 34,606,693$

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%


Actual 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 To Date

Sales Tax Collections 30,967,664$ 30,054,786$ 33,753,289$ 33,017,575$ 36,581,877$ 37,725,868$ 36,278,676$ 37,097,288$ 36,136,177$ 35,583,841$ 35,626,798$ -$ 382,823,839$

Use Tax Collections 3,092,679 3,036,477 3,515,962 3,116,175 3,139,815 3,701,092 3,192,961 3,065,134 3,579,510 3,415,646 3,033,075 - 35,888,526

Vendor Allowance 378,831 334,280 414,522 401,892 441,798 460,764 439,017 446,700 441,731 433,766 429,988 - 4,623,289

Less Cost of Collections Fee (41,009) (41,009) (41,009) (41,009) (41,817) (41,817) (41,817) (41,817) (41,817) (41,817) (41,817) - (456,755)

Plus Interest Earned 17,402 12,199 15,198 13,168 14,375 16,943 17,803 16,927 17,009 16,912 16,940 - 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 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$ -$ 17,509,083$

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%


Actual


Actual Plus CU-Leeds Forecast 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 To Date

Sales Tax Collections 30,967,664$ 30,054,786$ 33,753,289$ 33,017,575$ 36,581,877$ 37,725,868$ 36,278,676$ 37,097,288$ 36,136,177$ 35,583,841$ 35,626,798$ 40,948,294$ 423,772,133$

Use Tax Collections 3,092,679 3,036,477 3,515,962 3,116,175 3,139,815 3,701,092 3,192,961 3,065,134 3,579,510 3,415,646 3,033,075 4,797,889 40,686,415

Vendor Allowance 378,831 334,280 414,522 401,892 441,798 460,764 439,017 446,700 441,731 433,766 429,988 510,225 5,133,514

Less Cost of Collections Fee (41,009) (41,009) (41,009) (41,009) (41,817) (41,817) (41,817) (41,817) (41,817) (41,817) (41,817) (41,817) (498,572)

Plus Interest Earned 17,402 12,199 15,198 13,168 14,375 16,943 17,803 16,927 17,009 16,912 16,940 23,192 198,068

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 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$ 19,504,457$

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%


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

Forecast

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pension fund rtd doc for this time point

Documents

district j

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