(A) The following responsibilities are set forth as a guide for the Committee’s activities. It is not intended to be an exhaustive list, and the Committee may diverge as appropriate. The Committee is authorized to carry out these and other responsibilities assigned by the Board Chairperson, or the Board, and take any actions reasonably related to its charter.
(B) To fulfill its purpose, the Committee will do the following:
(1) Monitor the current and future availability of funds for Metra’s capital programs and plans;
(2) Approve award of contracts and approve procurements consistent with federal and state statutes and regulations for capital program projects;
(3) Monitor the progress of capital projects and identify causes for significant delays or cost overruns;
(4) Review the relationship between capital expenditures for projects under the capital plan and current and future budget requirements;
(5) Monitor the proposed benefits for approved projects in the capital program during the life of the project to ensure that expected benefits materialize;
(6) Annually review the adequacy of its charter, suggesting revisions when appropriate;
(7) Engage outside consultants as appropriate upon consent of the Board;
(8) Conduct an annual self-evaluation of the Committee’s performance, including its effectiveness and compliance with its charter;
(9) Report regularly to the Chairperson and the Board on findings and recommendations and any other matters the Committee deems appropriate; and
(10) Consider any matter referred to the Committee by the Board or Chairperson.
(Ord. MET 12-31, passed 12-14-2012)