Ethan Benatan

This Investment Policy for the Tri-County Metropolitan Transportation District of Oregon (TriMet) defines the parameters for investing public funds, aiming for maximum security, a market rate of return, and compliance with state statutes while meeting daily cash flow requirements. Its primary objectives, in order of priority, are the preservation of invested capital, maintaining sufficient liquidity, and achieving a market rate of return. The policy details standards of care, safekeeping procedures, authorized investments and financial dealers, investment parameters (including credit risk, interest rate risk, and maturity), and reporting requirements, with an emphasis on annual review and adoption.

Committee reports covered multiple areas: The Committee on Accessible Transportation (CAT) discussed safety on the blue line, updates on bus shelter installations, accessibility improvements including trimet.org updates, and challenges regarding Business Access Transit (BAT) lanes. The Metro Policy Advisory Committee (MPAC) reviewed updates on the Regional Housing Coordination Strategy and the Future Vision update for Metro. The Defined Benefit Pension Trust meeting summary included actuarial valuation results and quarterly investment portfolio performance, along with an adopted revision to the Investment Policy Statement. The Finance and Audit Committee reviewed the long-term budget balance scorecard for FY26-FY40 and discussed the upcoming 2026 Payroll Tax Bond Issuance, which will fund projects like light rail vehicle replacement and transit improvements. The General Manager reported on October ridership, noting a slight decrease year-over-year due to Eastside MAX Improvements, though WES and bus ridership improved. The General Manager also detailed plans for extensive public outreach in January regarding significant service changes planned for 2026 to align service with funding. Key resolutions approved included the updated Agency Safety Plan for 2026, appointments to the 2026-27 HB 2017 Transit Advisory Committee, and authorization for property acquisition concerning the Oregon City Transit Center Improvement Project. Ordinance 380, revising the definition of "Net Earnings from Self-Employment" to align with the federal tax code, received its first reading and public hearing, with a final vote scheduled for January 2026. Briefings covered the positive Medium-High mid-cycle rating received for the 82nd Avenue Project from the FTA and an update on securing property for the TriMet North Terminus Off-street Bus Layover Facility to meet a 2016 agreement with the City of Portland.

This document details the FY26-27 Statewide Transportation Improvement Fund (STIF) Plan Amendment, which revises the financial allocations for public transportation across the tri-county region. The amendment incorporates updated revenue estimates and carryover funds from prior biennia, resulting in a decreased total plan budget from $223.7M to $202.7M. It specifies that there are no increases to new revenues and no new projects, focusing on adjusting existing funding for the improvement, maintenance, and expansion of public transportation.

The meeting commenced with a public forum where riders expressed significant concerns regarding the failure of TriMet supervisors and dispatchers to adequately inform riders about service cancellations and reroutes, leading to instances where riders were left stranded. A graduate student and social worker also voiced opposition to the recent fare increase, citing its disproportionate adverse effects on low-income and marginalized riders, referencing Title 6 Equity Analysis findings, and suggesting a shift from flat to progressive Metro tax. Board reports covered key activities. The Accountability Committee reviewed 2023 reports from the fraud, waste, or abuse hotline (which primarily involved HR and Safety issues), public records request volumes (which returned to pre-COVID levels), and website traffic on the accountability and transparency portal. The Community Committee reported on discussions concerning the design input for new buses and the Interstate Bridge Replacement (IBR) project. The Metro Policy Advisory Committee provided updates on the Priority Climate Action Plan, compliance with the Urban Growth Management Functional Plan, and planned discussions on the garbage and recycling system facilities plan. The Finance and Audit Committee reviewed the proposed budget (to be mailed next week), presented on the annual investment policy, discussed resolutions for an OPB trust, and reviewed the annual service plan, including the concept for adding additional night buses to facilitate light rail maintenance.

The meeting commenced with a safety moment focusing on pedestrian safety, citing 2023 statistics and providing tips for safe walking and driving, particularly in dark and rainy conditions. The public forum featured testimony from several individuals concerning TriMet services and employee conditions. One speaker provided an update on Bus Route 96, discussing the delay of its proposed rerouting off the I-5 freeway until summer 2026, and inquiring about its inclusion in potential future service cut initiatives. Two other speakers, representing the Safety Response Team (SRT) working under Portland Patrol management, voiced concerns regarding inadequate support, burnout, high turnover, and low wages/benefits for SRT members. They reported initiating efforts to unionize with SEIU Local 49 and requested the Board's support to ensure their contractor agrees to a fair union recognition process, noting resistance from management including unfair labor practice allegations (e.g., retaliatory raises). A final speaker addressed concerns regarding Bus Route 17, urging the Board to maintain service along the 24th corridor and not relocate service, emphasizing that low ridership should prompt service improvement rather than elimination.