Item - 2019.TA1.5

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved Toronto Atmospheric Fund's 2019 Business Plan as set out in Attachment 1 and Consolidated Operating Budget as set out in Attachment 2 to the report (February 7, 2019) from the Chief Executive Officer.

The Chief Executive Officer gave an overview on 2019 Business Plan and Budget.

A 2019 Business Plan and Budget are presented for Board consideration and approval.

The Business Plan includes eight projects, each with an objective, specific activities and required collaborations. The plan is guided by Toronto Atmospheric Fund's understanding of the greenhouse gas emission sources and reduction opportunities in Toronto and Region-wide, TAF's Theory of Change and evaluation of the successes and challenges of past work, and also our current and evolving Strategic Directions. 

Implementation of the Business Plan will be supported by the proposed 2019 Operating Budget of $4.7 million. Projected revenues are based on a conservative estimate of investment returns and external funding, and expenditures are based on available resources and compliance with the Payout Ratio established to protect the endowments. The draft budget has been submitted for City approval with no change in core staff positions (currently 10) and "net zero" impact on the City's budget.