Joi Taylor Dean

The Richmond Metropolitan Transportation Authority's fiscal plan and capital budget for 2016 outlines spending for operations, annual maintenance, and capital projects of the Expressway System, as well as Central Administration and Main Street Station. Toll revenue is projected to increase by 1.5% due to ridership growth, while rental revenue is expected to decrease due to limitations at Main Street Station. The budget includes employee pay adjustments and efforts to manage health care costs. The Expressway Capital Budget totals $10.7 million, covering routine maintenance and capital improvement projects. The document also discusses long-term financial planning, debt service coverage, and credit ratings.

The meeting included a discussion of draft board policies concerning electronic communications and meetings, in light of the Virginia Freedom of Information Act (FOIA) changes implemented on September 1, 2022. These changes pertain to the frequency of all-virtual board or committee meetings and the requirement for boards to establish electronic communications and meetings policies. The committee reviewed RMTA Bylaws and policies last revised and approved on June 11, 2019, concerning electronic communications. The Committee agreed to the substance of the draft policies (RMTA Board Policy Governing Remote Participation and All-Virtual Meetings) and decided to discuss the same in the Board meeting to follow.

The committee meeting included CEO comments, an Operations Budget Review, a Capital Budget Review, and a Toll System Adjustment update. Discussions covered the FY23 Draft Operating and Capital Budgets, including toll revenue and traffic forecasts. The FY23 Capital Improvement Plan was reviewed, emphasizing a proactive, asset-based planning methodology and the need to maintain the system in a state of good repair. The Toll System Adjustment update addressed traffic trends and toll revenue trends estimates, considering options such as maintaining the current toll rate, increasing the cash toll rate, or adjusting both cash and electronic toll rates.

The meeting addressed the impact of inflationary costs on the Authority and discussed changes to the draft Resolution Approving Utilization of Excess Reserves for Fiscal Year 2023. A draft Toll Adjustment Timeline was presented, with committee members emphasizing the importance of discussions with jurisdictional partners. Potential November board retreat agenda items were also discussed, including AET transition, toll rate adjustment options, and a Board excess balances reserve financial policy. The committee considered adding a presentation from another entity regarding issues related to toll increases and transitioning to AET.

The meeting included a health insurance benefits update from OneDigital, focusing on maintaining competitive benefits, managing employee costs, and maximizing the value of benefits. OneDigital anticipates a low double-digit renewal increase and suggests reintroducing a wellbeing incentive for spouses. The committee also discussed compensation strategy, reviewing historical pay increases and regional wage comparisons. A recommendation was made to increase the minimum rate to either $14 or $15 per hour for certain workers.