Cashflow Analysis and Options for Liquidity

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The decision

2020-05-21 · Board of Directors of the Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved raising up to $2,500,000 by selling and/or borrowing against five (5) Direct Investments outlined in Confidential Attachment 1 to the report (May 4, 2020) from the Vice President, Impact Investing, which shall be: a. subject and conditional to the Investment Committee's satisfaction with the final terms and conditions, and b. if borrowing, subject to City Council approval.

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2. Directed the Vice President, Impact Investing to implement the transaction to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (May 4, 2020) from the Vice President, Impact Investing remain confidential in its entirety, as is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of the Toronto Atmospheric Fund.

On the agenda

As the city filed it

The financial forecast indicates Toronto Atmospheric Fund has adequate cash availability to fund its operations until the end of the third quarter by managing expenses and using the available Line of Credit. This position changes in the fourth quarter when additional cash is needed for both normal operating expenses and significant Direct Investment advances. On the assumption that it will still not be prudent to get cash by making redemptions from the investment portfolio, given the downward valuation of equities markets as a result of the COVID-19 crisis, and our fixed income being at minimum limits, staff have explored various options.

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One option is recommended at this time.

Staff recommended

The Vice President, Impact Investing recommends the Board of Directors of the Toronto Atmospheric Fund: 1. Approve raising up to $2,500,000 by selling and/or borrowing against five (5) Direct Investments outlined in Confidential Attachment 1, which shall be: a. subject and conditional to the Investment Committee's satisfaction with the final terms and conditions, and b. if borrowing, subject to City Council approval. 2.

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Direct the Vice President, Impact Investing to implement the transaction to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of the Toronto Atmospheric Fund.

On the record

The item as the City filed it

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