Item - 2023.TA4.4

The Board of Directors of the Toronto Atmospheric Fund:

1. Approved the 2024 Consolidated Operating Budget as presented in Attachment 1 to the report (November 7, 2023) from the Director of Finance, Toronto Atmospheric Fund.

Toronto Atmospheric Fund’s 2024 Operating Budget is presented for Board consideration and approval. This is a balanced and self-financed budget, with zero impact on the City’s budget. Revenue for 2024 has been budgeted based on a projected annual return on the marketable securities portfolio which the Investment Committee considers appropriate; the expected returns on the current book of direct investments and estimated return on additional direct investments during the course of the year; and committed external funding.  Expenditures budgeted for 2024 are based on the projected revenues including investment proceeds and external funds, with attention to the minimum grant and maximum administrative expense requirements and compliance with the Payout Ratio established to protect the endowments.  The 2024 Annual Plan to advance climate solutions for the Greater Toronto and Hamilton Area (GTHA) will be presented to the Board at the first meeting of 2024 and will be crafted in keeping with the approved 2024 Operating Budget.