Regional Transportation Authority

The Regional Transportation Authority (RTA) Board of Directors today appointed Joseph G. Costello, 55, Acting Executive Director and Chief Financial Officer, as the agency’s Executive Director, effective immediately. Costello had been serving as the Acting Executive Director following the departure in October of former Executive Director Stephen E. Schlickman.

“I am honored that the Board has decided to maintain me in the role of leading our agency. I appreciate the commitment of our Board and the partnership with the leaders of the service boards to work toward adequately funding our transit system and providing the most effective service possible,” Costello said.  He acknowledged the continuing challenges that the economic recession presents and Chairman John S. Gates, Jr. said, “This is a critical time in our transit system’s history. What was critical in our decision to appoint Joe as the Executive Director was his successful track record in managing the agency’s finances and funding, as well as the leadership skills he has demonstrated over the few last months as Acting Executive Director.”

Costello has been employed by the RTA since 1995 and has overseen more than $2.8 billion in new money and refunding bonds. His prudent fiscal management has been credited with the upgrade of the agency’s bond rating to AA and Aa3. During his tenure, the RTA has been a recipient of the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Award for 14 consecutive years and the GFOA Award for Distinguished Budget Presentation on its annual budget for 11 consecutive years.

Costello is a Certified Public Accountant and received a Bachelor’s degree in accounting from the University of Illinois at Chicago and a Master’s in Business Administration from the University of Chicago.