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←Infrastructure and Environment Committee · 2022-05-25 · 2022.IE30.10

The filed record

Authorization to Establish an Obligatory Reserve Fund for the Home Energy Loan Program with Funding from the Federation of Canadian Municipalities

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The decision

2022-06-15 · Toronto City Council · adopted

As filed

City Council on June 15 and 16, 2022, adopted the following: 1. City Council approve the establishment of an obligatory reserve fund called the FCM Funded Energy Works Reserve Fund in Appendix C, Schedule 15 - Third Party Agreements Obligatory Reserve Funds, to the report (May 11, 2022) from the Chief Financial Officer and Treasurer and the Executive Director, Environment and Energy, for the purpose of managing funds

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received from the Federation of Canadian Municipalities to support the Home Energy Loan Program, with criteria set out in Appendix A to the report (May 11, 2022) from the Chief Financial Officer and Treasurer and the Executive Director, Environment and Energy.

The vote

Adopt Item · Carried, 22-0

For (22)Ana Bailão, Anthony Perruzza, Brad Bradford, Cynthia Lai, Denzil Minnan-Wong, Frances Nunziata, Gary Crawford, Gord Perks, James Pasternak, Jaye Robinson, Joe Mihevc, John Filion, John Tory, Josh Matlow, Mark Grimes, Mike Colle, Nick Mantas, Paul Ainslie, Paula Fletcher, Robin Buxton Potts, Shelley Carroll, Stephen Holyday
Absent (3)Jennifer McKelvie, Michael Thompson, Mike Layton
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On the agenda

As the city filed it

The Federation of Canadian Municipalities Community Efficiency Financing program has approved the City of Toronto, through the Home Energy Loan Program, for up to $9,712,000 in financing and $4,856,000 in grants to support energy-efficient retrofits and pathways to net zero for single-family homes in Toronto. Through the Home Energy Loan Program, the City offers low-interest loans to help homeowners make their homes more energy efficient and reduce greenhouse gas emissions, in support of the City's TransformTO climate action strategy and net-zero emissions target.

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On October 1, 2021, City Council authorized the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer, and the Mayor to enter into a grant and loan agreement with the Federation of Canadian Municipalities to accept a loan in accordance with Chapter 30 of the City of Toronto Municipal Code under the Federation of Canadian Municipalities Green Municipal Fund Program, upon terms satisfactory to them and in a form acceptable to the City Solicitor. The City intends to execute a final agreement with the Federation of Canadian Municipalities shortly. Upon executing a final agreement City staff will establish an obligatory reserve fund for the purpose of managing loan and grant funds, including disbursement of funds to program participants. The purpose of this report is to authorize the establishment of the obligatory reserve fund required to effectively manage funding associated with the Program.

Staff recommended

The Chief Financial Officer & Treasurer and the Executive Director, Environment & Energy recommends that: 1. City Council approve the establishment of an obligatory reserve fund called the FCM Funded Energy Works Reserve Fund in Appendix C, Schedule 15 - Third Party Agreements Obligatory Reserve Funds, for the purpose of managing funds received from the Federation of Canadian Municipalities to support the Home Energy Loan Program, with criteria set out in Appendix A.

Considered

  • 2022-05-25 · Infrastructure and Environment Committee · adopted

    Decision as filed

    The Infrastructure and Environment Committee recommends that: 1. City Council approve the establishment of an obligatory reserve fund called the FCM Funded Energy Works Reserve Fund in Appendix C, Schedule 15 - Third Party Agreements Obligatory Reserve Funds, of the report (May 11, 2022) from the Chief Financial Officer and Treasurer and the Executive Director, Environment and Energy, for the purpose of managing funds

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    received from the Federation of Canadian Municipalities to support the Home Energy Loan Program, with criteria set out in Appendix A of the report (May 11, 2022) from the Chief Financial Officer and Treasurer and the Executive Director, Environment and Energy.

  • 2022-06-15 · Toronto City Council · adopted

On the record

The item as the City filed it

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