Learn about the Team at DART Investor Relations, including our Executive Vice President and Chief Financial Officer, Vice President of Finance, and Treasurer.
As DART’s Chief Financial Officer, Elizabeth Reich oversees an annual budget of $1.7 billion, $3.5 billion in municipal debt, and $1.2 billion in investments.
Prior to DART, Elizabeth served as CFO for the City of Dallas where she was instrumental in brokering a compromise that saved the Dallas Police and Fire Pension. She also helped the City emerge on strong financial footing from a devastating tornado, followed closely by the COVID-19 crisis. Before the City, Elizabeth spent 16 years with the Social Security Administration, including as its CFO in 2015.
Ms. Adelman brings 17+ years and a broad range of finance and transit experience to the role, including Assistant Vice President, Finance & Treasury, Acting Chief Financial Officer, and most recently as the Vice President of Procurement, Real Estate, and Special Projects for Sacramento Regional Transit District.
Ms. Adelman has a Bachelor of Science degree with a concentration in Accounting from California State University Sacramento. Her background includes leadership in government sector financial audits, financial accounting and reporting, bond financing, investments, procurement, pension plan management, risk assessment, staff development, and strategic project management
Burns joined DART in 2015 with 15 years of wide-ranging experience in public finance. Previously, he was a senior vice president with Siebert Brandford Shank, working as a municipal bond investment banker. Before that, he served as an executive vice president at Estrada Hinojosa, working as bond financial advisor and investment banker for several major Texas bond issuers.
From 2009 to 2011, Burns served as executive director of the Texas Public Finance Authority (TPFA), leading the issuance of over $2 billion in bonds to finance capital needs and other programs for 23 state agencies. As director of TPFA, he was also responsible for managing bond proceeds, making debt service payments, and monitoring compliance for over $4 billion in state debt.
Prior to his service with the State of Texas, Burns worked for over eight years as a vice president/senior analyst with Moody’s Investors Service. As a public finance bond analyst, he led the issuance of credit ratings for several of the nation’s largest bond issuers, including Houston, Dallas, Austin, Fort Worth, Oklahoma City, etc.
Burns is a sixth generation Texas native, with a B.A. in Government from the University of Texas at Austin and a Master of Public Affairs from the University of Texas’ LBJ School. In addition to his public finance work, Burns also served as an advisor to the Austin City Council and as a policy analyst for the Texas Senate.
Wally joined DART as cash and debt administrator in 2017. As Assistant Treasurer, Wally oversees DART's banking, debt compliance, cash management, cash processing, and handles investments of DART's $1.2 billion portfolio.
Prior to DART, Wally has thirteen years (13) experience working at cities such as West University Place, Southlake, Dallas, and Arlington, Texas where he served in several roles including Treasurer, Cash and Debt Administrator, Budget Division Head, Procurement Division Head, and Utility Billing Division Head.
Wally is a graduate of the University of North Texas with a Masters in Public Administration. In addition, Wally is a graduate of Texas Tech University with a Bachelors of Business Administration in Finance, Economics, and General Business.