Board of Directors of the Toronto Atmospheric Fund
The full agenda, as filed
All 11 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
TA18.1adopted
Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2021
The 2021 Audited Consolidated Financial Statements and Report have been prepared by Welch LLP and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the City of Toronto, Province of Ontario, and Government of Canada endowment funds.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved transfers of: a. $522,938 to the Toronto Stabilization Fund; b. $769,797 to the Ontario Stabilization Fund; and c. $791,200 to the Canada Stabilization Fund. 2. Approved the Toronto Atmospheric Fund 2021 Audited Consolidated Financial Statements. 3. Received the Auditor's Letter to Management and Management's response for information.
Staff recommendation as filed
The Director of Finance recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve transfers of: a. $522,938 to the Toronto Stabilization Fund; b. $769,797 to the Ontario Stabilization Fund; and c. $791,200 to the Canada Stabilization Fund. 2. Approve the Toronto Atmospheric Fund 2021 Audited Consolidated Financial Statements. 3. Receive the Auditor's Letter to Management and Management's response for information.
TA18.2adopted
Toronto Atmospheric Fund By-law No. 1, Section 5.1. states that the Officers of the Corporation shall be appointed annually by and shall hold their appointments at the pleasure of the Board or until successors are duly appointed. This report recommends appointment of Officers of the Corporation.
The Board of Directors of the Toronto Atmospheric Fund: 1. Reappointed the following Officers of the Corporation to hold office at the pleasure of the Board, and until their successors are appointed: - Vice-Chair - Councillor Mike Layton - Corporate Secretary - Graysanne Bedell - Treasurer - Kimberly Marshall.
Staff recommendation as filed
The Chief Executive Officer Recommends that the Board of Directors of the Toronto Atmospheric Fund reappoint the following Officers of the Corporation to hold office at the pleasure of the Board, and until their successors are appointed: - Vice-Chair - Councillor Mike Layton - Corporate Secretary - Graysanne Bedell - Treasurer - Kimberly Marshall
TA18.3received
Low Carbon Cities Canada Activities, Strategies and Outcomes
The Chief Executive Officer, Toronto Atmospheric Fund will give a presentation on Low Carbon Cities Canada Activities, Strategies and Outcomes. The Low Carbon Cities Canada (LC3) network includes Toronto Atmospheric Fund and six other organizations operating in cities/regions across the country who received endowments from the Government of Canada and have with similar mandates to advance local solutions to climate change. The Federation of Canadian Municipalities (FCM) serves as the National Office for the network. The presentation will include an update on the progress of establishing the LC3 centres, network-wide activities and collaboration, and progress on shared objectives.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.4received
Chief Executive Officer’s Report
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance, Staff and Operational Matters, and Strategic Programs and Operations.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.5received
Unaudited Financial Reports for First Quarter of 2022
The unaudited financial results for three months ended March 31, 2022 (Q1) are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.6received
Minutes from the Direct Investment Committee Meeting Held January 20, 2022
Minutes from the Direct Investment Committee meeting held January 20, 2022.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.7received
Minutes from the Direct Investment Committee Meeting Held March 31, 2022
Minutes from the Direct Investment Committee meeting held March 31, 2022.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.8received
Minutes from the Grants and Programs Committee Meeting Held June 17, 2022
Minutes from the Grants and Programs Committee meeting held June 17, 2022
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA18.9adopted
Grant and Program Allocation Recommendations
At its June 17, 2022 meeting, the TAF Grants and Programs Committee recommended that the Board approve four grants with a combined value of $478,000 and one internal program allocation with a total value of $90,000. This report provides recommendations and minutes from the Committee meeting.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the following grants to be funded jointly from the relevant endowment(s) indicated: a. $150,000 over 12 months to Hamilton Community Enterprises to complete a comprehensive report on the feasibility of a low-carbon thermal corridor that will enable large-scale carbon reductions through the decarbonization of heating in new and existing buildings in Hamilton, subject to the condition set out by the Committee that HCE provide written confirmation at least $150,000 in additional funding from external sources has been secured (funded from the Canada and Ontario endowments). b. $100,000 over 12 months to Pembina Institute to coordinate dialogue and knowledge sharing between organizations working on promoting deep retrofits and the government (funded from the Canada, Ontario, and Toronto endowments). c. $50,000 over 10 months to the City of Toronto to identify and recommend suitable incentives to enable the accelerated uptake of electric vehicles in Toronto (funded from the Canada, Ontario, and Toronto endowments). d. $178,000 over 24 months to the Toronto Region Board of Trade to collaborate with municipal decision-makers in supporting the implementation of high-impact policies and programs that facilitate the uptake of electric vehicles (funded from the Canada, Ontario, and Toronto endowments). 2. Declined a grant request with a total value of $75,000, summarized in Confidential Attachment 1 to the report (June 28, 2022) from the Senior Grants Manager, Toronto Atmospheric Fund. 3. Approved the program allocation of $90,000 over 12 months to advance TAF's focus on decarbonizing Ontario's electricity grid, and support programs and strategies to identify pathways for reducing its carbon intensity (funded from the Canada and Toronto endowments). 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (June 28, 2022) from the Senior Grants Manager, Toronto Atmospheric Fund remain confidential in its entirety, as it contains financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Staff recommendation as filed
The Senior Grants Manager recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the following grants to be funded jointly from the relevant endowment(s) indicated: a. $150,000 over 12 months to Hamilton Community Enterprises to complete a comprehensive report on the feasibility of a low-carbon thermal corridor that will enable large-scale carbon reductions through the decarbonization of heating in new and existing buildings in Hamilton, subject to the condition set out by the Committee that HCE provide written confirmation at least $150,000 in additional funding from external sources has been secured (funded from the Canada and Ontario endowments). b. $100,000 over 12 months to Pembina Institute to coordinate dialogue and knowledge sharing between organizations working on promoting deep retrofits and the government (funded from the Canada, Ontario, and Toronto endowments). c. $50,000 over 10 months to the City of Toronto to identify and recommend suitable incentives to enable the accelerated uptake of electric vehicles in Toronto (funded from the Canada, Ontario, and Toronto endowments). d. $178,000 over 24 months to the Toronto Region Board of Trade to collaborate with municipal decision-makers in supporting the implementation of high-impact policies and programs that facilitate the uptake of electric vehicles (funded from the Canada, Ontario, and Toronto endowments). 2. Decline a grant request with a total value of $75,000, summarized in Confidential Attachment 1. 3. Approve the program allocation of $90,000 over 12 months to advance TAF's focus on decarbonizing Ontario's electricity grid, and support programs and strategies to identify pathways for reducing its carbon intensity (funded from the Canada and Toronto endowments). 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA18.10amended
Governance Documents Updates - Operating and Procedural By-laws
Toronto Atmospheric Fund (TAF) and the City have been updating three of TAF's governance documents - the Relationship Framework with the City of Toronto (RF), TAF By-law No.1 (Operating By-laws) and the Statement of Investment Objectives & Principles (SIOP) - with the goals of reflecting TAF's growing capacities, endowment and mandate since the documents were last amended; clarifying mechanisms for communication and collaboration with the City; and ensuring that appropriate accountability measures remain in place. To clarify and streamline the governance documents: - The Operating By-laws will contain only operational and administrative matters which are within the purview of TAF's Board to approve; - The RF will contain Council's requirements and the Procedural By-law which require Council approval; and - The SIOP will contain only investment-related requirements which requires both the Board and Council approval. On June 15, 2022, City Council approved updates to the RF and SIOP; the SIOP was previously approved by the Board, substantively as presented to Council. The final versions of these documents have been posted on the TAF website and circulated to the Province of Ontario, the Federation of Canadian Municipalities, and relevant City divisions for their information. And implementation plan and guidance will be developed by TAF staff. This report presents the updated Operating By-Law No.1 (BL No.1) for approval and the Procedural By-Law for adoption.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved By-law No. 1-2022 as presented in Attachment 1 to the report (June 28, 2022) from the Chief Executive Officer, Toronto Atmospheric Fund, which repeals and replaces the former Amended and Restated By-law Number 1, originally enacted October 31, 1995 and amended March 24, 2003, and present By-law No. 1-2022 to the Members for confirmation. 2. Received the Procedural By-Law contained in the updated Relationship Framework presented in Attachment 2 to the report (June 28, 2022) from the Chief Executive Officer, Toronto Atmospheric Fund and approved by City Council on June 15, 2022.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the updated Toronto Atmospheric Fund (TAF) Operating By-Law No.1 as presented in Attachment 1. 2. Adopt the Procedural By-Law contained in the updated Relationship Framework presented in Attachment 2 and approved by City Council on June 15, 2022.
TA18.11amended
Chair's Update on Human Resources Matters
I would like to update the Board on Human Resources matters, including succession planning for the Vice President, Impact Investing and other positions, as well as an update on the performance review for the Chief Executive Officer. These matters will require a closed session discussion, as they relate to personal information about identifiable individuals.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the recommendations contained in Confidential Attachment 1 to the report (July 12, 2022) from the Chair, Human Resources Committee with respect to Chief Executive Officer Compensation. 2. Directed that the confidential information contained in Confidential Attachments 1 and 2 to the report (July 12, 2022) from the Chair, Human Resources Committee remain confidential in their entirety, as they deal with personal matters about an identifiable person.