FY 2026 Budget

Over the last year, the Regional Transportation District continued its efforts to maintain assets in a state of good repair, addressed impediments to employee recruitment and retention efforts, demonstrated its commitment to building customer and community connections, and made notable gains in creating a welcoming transit environment for employees and customers alike.​

The Fiscal Year 2026 Budget encapsulates RTD’s financial plan for the forthcoming year. This budget aligns with the agency’s 2021-2026 Strategic Plan, which outlines an ongoing commitment to the Strategic Priorities of Community Value, Customer Excellence, Employee Ownership, and Financial Success. With this commitment also comes a continued emphasis on the strategic initiative of Customer and Community Connections, alongside the newly introduced initiatives of Enhancing Public Trust, Building a Better RTD, and Service Excellence.

This budget reflects an intentional focus on the four initiatives which are interwoven into work plans across all agency departments and divisions. RTD will continue to make meaningful progress toward established success outcomes by centering its work on each of these factors. While RTD’s Finance staff, Leadership Team, and subject-matter experts provide overarching guidance, every employee carries a responsibility and an opportunity to work in a manner that brings about meaningful improvements.

RTD saw substantial milestones and successes in 2025 that were the direct result of continued coordination by teams and individuals throughout the agency. Both within and outside RTD, people took note of the following achievements:

• Following the announcement in March 2022 of a robust plan and timeline to “Reclaim Union Station,” a collaborative and multi-faceted strategy aimed at enhancing safety and security at this multimodal transit hub, RTD in April 2025 reported a nearly 60 percent reduction in security-related calls and a three-year decrease in reports of criminal activities at this location.
• Thanks to the diligence and care shown by nearly 100 RTD staff, from rail laborers to track maintainers, in May the agency lifted the last of 31 light rail speed restrictions that were put in place over the prior year as RTD implemented more rigorous standards for regularly inspecting its more than 120 miles of light rail track. During this period, crews removed and replaced more than two miles of track along the D, E, H, and R lines.
• RTD’s most recent annual customer and community surveys, the results of which were announced in June, showed double-digit, year-over-year improvements in perceptions of personal safety and security, the cleanliness of buses and trains, on-time performance, the frequency of service, and the agency’s overall value in the Denver metro area.
• In September, RTD began the next phase of its Downtown Rail Reconstruction Project, which is rebuilding the agency’s oldest rail infrastructure along its original light rail alignment. This work follows a successful initial phase in 2024 that was completed weeks ahead of schedule.
• As RTD’s Transit Police Department continues to grow, the addition of sworn officers better enables RTD-PD to build connections and respond to calls throughout the agency’s service area. The department has expanded its unhoused outreach coordinators and added mental health clinicians, an approach pioneered in transit policing by the Chief of Police and Emergency Management.

I extend my gratitude to each one of RTD’s employees, whose commitment and dedication have made these gains possible. They bring their best selves to work every day in public service and make a meaningful difference in the health of the region. I acknowledge the contributions of the agency’s Board of Directors and its labor and contract partners.​ I also thank every customer, stakeholder, local leader, and partner who engaged with RTD. The agency will continue to be agile and flexible as it endeavors to meet the transit needs of the individuals and communities within its service district.

More specifically, I express my sincere gratitude for CFO Kelly Mackey who rolled up her sleeves upon her arrival to the organization in May and has delved into the agency’s inner workings. Additionally, a big thanks to Todd Nikkel, Senior Manager of Budget; Brenden Morgan, Senior Manager of Debt and Investment; Heidi Wagner; Senior Manager of Finance; and all of their respective teams for leaning in and supporting this critical undertaking in these unpredictable times. Lastly, my wholehearted appreciation to the Leadership Team who served as thought partners while I grappled with difficult decisions to ensure a balanced budget while retaining the agency’s power and service levels.

RTD is comprised of people moving people and each of these individuals makes lives better through connections. On behalf of this entire team, I invite you to keep watching as we make our transit system one that is better for all.

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Sincerely,​

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Debra A. Johnson​
General Manager and CEO

Accessible – As defined by the Federal Transit Administration (FTA), a term describing a vehicle, site, building, facility, or portion thereof that complies with defined standards and that can be approached, entered, and used by people with disabilities.

Accessible Service – Service that is accessible to customers with disabilities. This includes fixed-route bus service with wheelchair lifts, rail service, or paratransit service with wheelchair lift-equipped vehicles.

Access-a-Ride – RTD’s ADA complementary paratransit service that supplements fixed-route services. Fare payment is required, and customers must meet criteria set forth by the Americans with Disabilities Act of 1990.

Access-on-Demand – RTD’s supplemental, premium paratransit service that provides subsidized curbto-curb taxi and ride-share options. The service is available to eligible Access-a-Ride customers.

ADA (Americans with Disabilities Act of 1990) – This federal act requires changes to transit vehicles, operations, and facilities to ensure that people with disabilities have access to jobs, public accommodations, telecommunications, and public services, including public transit.

Amalgamated Transit Union (ATU) Local 1001 – The labor union representing RTD’s bus and rail operators, mechanics, maintenance workers, and other employees.

Audit Committee – The Board committee tasked with the responsibility to minimize the agency’s risk and exposure through the adoption and adherence to recognized audit and oversight standards.

Back to Basics – A strategic initiative established to enhance the reach and impact of internal communications and to redouble agency efforts to maintain assets in a state of good repair leveraging sound asset management principles.

Board of Directors (Board) – RTD is governed by a 15-member, publicly elected Board of Directors. Each director is elected to a four-year term and represents a specific district within RTD’s service area.

Bus Rapid Transit (BRT) – A high-quality, bus-based transit system that delivers fast and efficient service that may include dedicated lanes, busways, traffic signal priority, off-board fare collection, elevated platforms, and enhanced stations.

Capital – Funds that finance construction, renovation, and major repair projects or the purchase of machinery, equipment, buildings, and land.

Capital Carryforward – The process of carrying forward unused capital expenditures, losses, or credits from one fiscal year to subsequent years.

Capital Expenditure – A cost incurred to acquire a new asset, add capacity, improve the functionality of an existing asset, or extend an existing asset beyond its original estimated useful life. The asset will have an expected life of one or more years and a value of $5,000 or more.

Customer – Individual using RTD’s bus, rail, or paratransit services.

Debt Service – The payment of interest and the repayment of principal on long-term borrowed funds according to a predetermined schedule.

Defeasance – Retirement of debt prior to maturity through the use of an irrevocable escrow.

District – A term used to refer to RTD’s service area.

Downtown Loop – The light rail alignment that runs through downtown Denver and is part of RTD’s original line. The Downtown Loop is currently served by the D, H, and L lines

Executive Committee – A Board committee consisting of the Chair, First Vice Chair, Second Vice Chair, Secretary, and Treasurer.

Express or Limited Route – A suburban or intercity route that operates a portion of the route without stops or with a limited number of stops.

Fares – The amount charged to customers for use of various services.

Federal Transit Administration (FTA) – The federal agency that helps cities and communities provide mobility to their residents. Through its grant programs, FTA provides financial and planning assistance to help plan, build, and operate bus, rail, and paratransit systems.

Finance and Planning Committee – The Board committee tasked with the responsibility financial and planning governance.

Fiscal Year – A one-year accounting period used for financial reporting and budgeting. RTD’s fiscal year aligns with a calendar year and runs from January 1 through December 31.

Fixed-Route Service – Services that operate according to fixed schedules and routes. RTD’s fixed route services are bus, light rail, and commuter rail.

FlexRide – RTD’s service that supplements fixed-route services. Fare payment is required and this service provides more flexibility in routes and schedule frequency than fixed route services.

Fund Balance – The difference between a fund’s assets and liabilities (also called fund equity). Often this term refers to money set aside or earmarked for future needs. RTD uses “reserves” as well as “funds” to ensure resources are available for anticipated and unanticipated needs.

Grants – Monies received from local, federal, and state governments to provide capital or operating assistance.

Linked Trip – A single one-way trip without regard for the number of vehicles boarded to make the trip. For example, a commute from home to work achieved by boarding a bus to a train, and then taking another bus after leaving the train, represents one linked trip. See also Unlinked Trip.

Obligations – Funds that have been obligated/committed to a specific purpose but have not yet been expended.

On-Time Performance – Quality ratio that measures how often a service is on time, i.e., at a designated pickup spot within a predetermined timeframe. The timeframe differs based on mode and frequency of service. Bus Operations currently uses 59 seconds early and 4 minutes and 59 seconds late. Light rail uses 1 minute early and 4 minutes late. Commuter rail uses 5 minutes late as required by the Federal Railroad Administration (FRA). Paratransit uses 20 minutes early and late. Management’s objective is to increase this ratio. Calculation = (# Scheduled Trips Sampled – # of Times Early or Late) ÷ Total # of Scheduled Trips Sampled

Operating Expenses – The expenses required to operate RTD’s revenue services. Operating expenses do not include expenditures that are capitalized, interest expense, or non-operating expense.

Operations, Safety, and Security Committee – The Board committee tasked with the responsibility for transit operations, safety and security governance.

Paratransit Service – Any transit service required by the ADA, generally characterized by prearranged curb-to-curb service provided by accessible vehicles.

People Power – A strategic initiative established to support RTD’s workforce, the agency’s most important resource, in achieving the agency’s mission. The initiative seeks to address impediments to recruitment and retention efforts and to foster a culture of learning and development.

Performance Committee – The Board committee tasked with the responsibility for governance of the General Manager and CEO’s and RTD’s performance according to the Strategic Plan.

Principal – The amount borrowed or still owed on a loan, separate from the interest.

Request for Proposals – A procurement activity that seeks to have potential vendors provide proposals for specific contracting needs.

Reserves – RTD uses “reserves” as well as “funds” to ensure resources are available for anticipated and unanticipated needs.

Ridership – This is the total number of customers boarding RTD’s revenue service vehicles during a given period, which is calculated for each individual mode. Transfers are included in total ridership and customer boarding counts (e.g., if a person transfers from one bus to another bus or from a bus to rail, this is counted as two boardings). See also Unlinked Trip.

Sales-and-Use Tax – Taxes collected within the District from goods and services purchases.

Service Hours – Service hours are also known as revenue hours. They are calculated from the time of the first customer pick up until the time of the last customer drop-off. Travel time to and from the garage is not included.

State of Good Repair (SGR) – Capital investment in infrastructure maintenance to improve the condition of current transit facilities and provide safe, reliable service. SGR funds are placeholders in the financial plan for regularly scheduled capital asset maintenance and replacement or set aside for a specific type of project where the exact nature, timing, and amount are not yet known.

Taxpayer’s Bill of Rights (TABOR) – A constitutional amendment passed by Colorado voters in 1992 that imposes strict limitations on the growth of government revenues and expenditures at both state and local levels. It is designed to give taxpayers more control over government fiscal policies by requiring voter approval for certain actions related to taxation and spending.

Title VI/Title VII – Parts of the Civil Rights Act of 1964 that protect individuals against discrimination. Title VI prohibits discrimination based on race, color, or national origin in any program or activity that receives federal funding. Title VII protects employees and job applicants from employment discrimination based on race, color, religion, sex, and national origin. See also Equal Employment Opportunity.

Transit Asset Management (TAM) Plan – A document intended to communicate the status of the agency’s Asset Management System (AMS) structured in the FTA framework in a way that is useful to planning partners and interested parties outside the agency, including regulatory bodies such as the FTA and the Colorado Public Utilities Commission (CPUC), planning partners including the Denver Regional Council of Governments (DRCOG), as well as Colorado state and municipal government partners, as well as those internal to the agency.

Transit Assistance Grant (TAG) Program – An internal program that offers a limited number of discounted fares available for purchase by qualifying non-profit entities.

Transit-Oriented Development (TOD) – Mixed-use development of residential, commercial, and retail uses within walking distance of a transit station or bus route.

Unlinked Trip – A trip involving a single boarding and alighting from a transit vehicle. For example, a commute from home to work achieved by boarding a bus to a train, and then taking another bus after leaving the train, represents three unlinked trips. See also Linked Trip.

Welcoming Transit Environment – A strategic initiative focused on reducing the impacts of criminal behaviors and Customer Code of Conduct violations on RTD’s services and in workplaces. The effort aims to improve community and employee perception of personal safety and security.

Zero Fare for Youth – All individuals 19 and under are eligible to use all of RTD’s services at no cost.