Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2024

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The decision

2025-04-29 · Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the transfer of: a. $578,595 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund; b. $411,523 from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and c. $1,433,298 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund. 2. Approved the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund.

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3. Received the Report to the Audit Committee on Audit Results, Auditor's Letter to Management, and Draft Minutes of the Audit Committee Meeting held April 25, 2025 as presented in Attachments 2, 3 and 4 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund. 4. Recommends that City Council receive for information the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund.

On the agenda

As the city filed it

The 2024 Audited Consolidated Financial Statements have been prepared by Doane Grant Thornton and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the endowment funds provided to TAF by the City of Toronto, Province of Ontario, and Government of Canada.

Staff recommended

The Director of Finance recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the transfer of: A. $578,595 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund B. $411,523 from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund C. $1,433,298 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund.

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2. Approve the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1. 3. Receive the Report to the Audit Committee on Audit Results, Auditor's Letter to Management, and Draft Minutes of the Audit Committee Meeting held April 25, 2025 as presented in Attachments 2, 3 and 4. 4. Recommend that City Council receive for information the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1.

On the record

The item as the City filed it

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