Toronto Atmospheric Fund
The full agenda, as filed
All 12 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.
TA6.1received
Chief Executive Officer’s Report
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance Matters, Staff and Operational Matters, and Strategic Programs.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA6.2adopted
Toronto Atmospheric Fund uses several performance indicators to inform and maximize the impact of our programs, grants, investments, policy advocacy and communications. The 2023 Impact Report summarizes Toronto Atmospheric Fund's results and complements the 2023 Results Report (received by the Board at its meeting of February 12, 2024) which summarizes the activities and accomplishments against the Annual Plan, and the 2023 Audited Financial Statements which presents Toronto Atmospheric Fund's financial results (see Item TA 6.1).
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (April 12, 2024) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships, recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Receive the report for information.
TA6.3adopted
Strategic Directions - 2024 to 2030
Strategic Directions for 2024 to 2030 have been developed with input and guidance from Board and Committee advisors, community stakeholders, and Toronto Atmospheric Fund staff. The strategy considers internal and external factors that influence our work, Toronto Atmospheric Fund's strengths and unique capacities, and needs for achieving ambitious climate targets in the Greater Toronto and Hamilton Area (GTHA).
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the proposed Strategic Directions (2024 - 2030) as set out in Attachment 1 to the report (April 12, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund.
Staff recommendation as filed
The Chief Executive Officer, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the proposed Strategic Directions (2024 - 2030) as set out in Attachment 1.
TA6.4received
Draft Minutes of the Investment Committee Meeting Held March 14, 2024
Draft Minutes of the Investment Committee meeting held March 14, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA6.5received
Draft Minutes of the Direct Investment Committee Meeting Held April 5, 2024
Draft Minutes of the Direct Investment Committee meeting held April 5, 2024
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA6.6received
Minutes of the Grants and Programs Committee Meeting Held April 4, 2024
Minutes of the Grants and Programs Committee meeting held April 4, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA6.7adopted
Grant Allocation Recommendations
This report recommends approval of three grants with a combined value of $353,643.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the following grants to be funded from the endowments indicated: a. $138,000 over 24 months (from the Canada and Toronto endowments only) to the Transition Accelerator to support research, engagement and policy advancement to decarbonize buildings through the adoption of thermal energy networks, subject to the following conditions: i. development and implementation of: a. a plan to engage key stakeholders and municipal, provincial and federal decision-makers in the planned research and policy development activities; and b. a knowledge mobilization strategy early in the project to raise awareness of the policy challenges limiting the advancement of thermal energy networks and specific recommendations for addressing them; ii. submission of an updated strategy and workplan to strengthen the project's commitment to promoting equitable outcomes through engagement of equity deserving groups and integration of their perspectives into the project deliverables, including an exploration of opportunities for Community Benefits Agreements related to the development of thermal energy networks; and iii. written confirmation that adequate funding from other sources has been secured to implement the project as presented in the Proposal and to fulfil the conditions above; b. $105,000 over 12 months (from the Canada and Toronto endowments only) to the Pembina Institute to support research and engagement activities to secure a strong federal policy framework to transition Canada's medium and heavy-duty vehicle fleet to zero emission by 2040. (Funded from the Canada and Toronto endowments only); and c. $110,643 over 18 months (from the Canada and Ontario endowments only) to Bay Area Climate Change Council to engage local stakeholders and advance green development standards in the cities of Hamilton and Burlington. (Funded from the Canada and Ontario endowments only).
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 from the endowments indicated: a. $138,000 over 24 months (from the Canada and Toronto endowments only) to the Transition Accelerator to support research, engagement and policy advancement to decarbonize buildings through the adoption of thermal energy networks, subject to the following conditions: i. development and implementation of: a. a plan to engage key stakeholders and municipal, provincial and federal decision-makers in the planned research and policy development activities; and b. a knowledge mobilization strategy early in the project to raise awareness of the policy challenges limiting the advancement of thermal energy networks and specific recommendations for addressing them; ii. submission of an updated strategy and workplan to strengthen the project's commitment to promoting equitable outcomes through engagement of equity deserving groups and integration of their perspectives into the project deliverables, including an exploration of opportunities for Community Benefits Agreements related to the development of thermal energy networks; and iii. written confirmation that adequate funding from other sources has been secured to implement the project as presented in the Proposal and to fulfil the conditions above; b. $105,000 over 12 months (from the Canada and Toronto endowments only) to the Pembina Institute to support research and engagement activities to secure a strong federal policy framework to transition Canada's medium and heavy-duty vehicle fleet to zero emission by 2040. (Funded from the Canada and Toronto endowments only); and c. $110,643 over 18 months (from the Canada and Ontario endowments only) to Bay Area Climate Change Council to engage local stakeholders and advance green development standards in the cities of Hamilton and Burlington. (Funded from the Canada and Ontario endowments only).
TA6.8adopted
Canada Endowment Funding Agreement Update
This report recommends approval of minor amendments to the tripartite Funding Agreement (FA) between Toronto Atmospheric Fund, the City of Toronto (CoT) and the Federation of Canadian Municipalities (FCM).
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the amendment of the tripartite Funding Agreement as summarized in the report (April 12, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund. 2. Directed Toronto Atmospheric Fund staff to work with the City of Toronto and the Federation of Canadian Municipalities to incorporate these in an updated Funding Agreement. 3. Authorized the Chair of the Board of Directors to execute the amended Funding Agreement. 4. Requested that the City of Toronto approve and execute the amended Funding Agreement with terms and in a form satisfactory to the City Manager, the Chief Financial Officer and Treasurer, and the City Solicitor.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve amendment of the tripartite Funding Agreement as summarized in this report. 2. Direct Toronto Atmospheric Fund staff to work with the City of Toronto and the Federation of Canadian Municipalities to incorporate these in an updated Funding Agreement; 3. Authorize the Chair of the Board of Directors to execute the amended Funding Agreement; and 4. Request that the City of Toronto approve and execute the amended Funding Agreement with terms and in a form satisfactory to the City Manager, the Chief Financial Officer and Treasurer, and the City Solicitor.
TA6.9adopted
This report recommends appointment of the Toronto Atmospheric Fund's Chair, Vice-Chair, Treasurer, and Corporate Secretary.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed the following Officers of the Corporation to hold office at the pleasure of the Board for one year, or until their successors are appointed: - Vice Chair: Councillor Shelley Carroll - Corporate Secretary: Graysanne Bedell - Treasurer: Kimberly Marshall 2. Appointed Parminder Sandhu as Chair of the Board of Directors for a term of four years or until a successor is appointed.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint the following Officers of the Corporation to hold office at the pleasure of the Board for one year, or until their successors are appointed: - Vice Chair: Councillor Shelley Carroll - Corporate Secretary: Graysanne Bedell - Treasurer: Kimberly Marshall 2. Appoint Parminder Sandhu as Chair of the Board of Directors for a term of four years or until a successor is appointed.
TA6.10adopted
Appointment of Members to Toronto Atmospheric Fund’s Audit Committee
This report recommends the appointment of one member to the Toronto Atmospheric Fund's Audit Committee.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed the individual listed in Confidential Attachment 1 to the report (April 12, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund as a member of the Audit Committee. 2. Instructed the City Clerk to make the appointee's name public once appointed by the Board. The name of the individual appointed to the Audit Committee, as set out in Confidential Attachment 1 to the report (April 12, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund, is now public as follows: Audit Committee Jean Olemou
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint the individual listed in Confidential Attachment 1 as a member of the Audit Committee. 2. Instruct the City Clerk to make the appointee's name public once appointed by the Board.
TA6.11received
New Appointments to the Toronto Atmospheric Fund Board
At its meeting held March 20 - 22, 2024, City Council reappointed the following members to the Toronto Atmospheric Fund Board for a term of office from March 22, 2024, to March 22, 2028, and until successors are appointed: - Graysanne Bedell; - Andrew Dooner; - Wayne Miranda; and - Parminder Sandhu.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA6.12adopted
Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2023
The 2023 Audited Consolidated Financial Statements have been prepared by Grant Thornton LLP 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 Toronto Atmospheric Fund by the City of Toronto, Province of Ontario, and Government of Canada.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the transfer of: a. $1,427,127 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund; b. $763,775 from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and c. $1,483,753 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund. 2. Approved the Toronto Atmospheric Fund 2023 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 24, 2024) from the Director of Finance, Toronto Atmospheric Fund.
Staff recommendation as filed
The Director of Finance recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the transfer of: a. $1,427,127 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund; b. $763,775 from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and c. $1,483,753 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund. 2. Approve the Toronto Atmospheric Fund 2023 Audited Consolidated Financial Statements as presented in Attachment 1.