Fiscal Note
The proposed resolution authorizes accepting $100,000 in grant funding from Cities for Financial Empowerment (CFE) Fund, Inc. and amending the 2020 Adopted Operating Budget for Community Development Division - Economic Development & Employment Opportunities and Community Support Services. The CDD operating budget will be amended as shown below. No additional General Fund appropriation is required.
• Economic Development & Employment Opportunities (CFE Summer Jobs Connect):
o Youth Employment revenue = $(20,000)
o Youth Employment supplies = $4,000
o Youth Employment purchased services = $16,000
• Community Support Services (CFE Finance Navigators):
o Access Resources revenue: $(80,000)
o Access Resources purchased services: $80,000
Title
Authorizing the Community Development Division to accept grants from the Cities for Financial Empowerment Fund, Inc (known as the CFE Fund) to plan for and implement a Summer Jobs Connect youth employment program ($20,000), and create a Financial Navigator program ($80,000), and amend the Division’s 2020 Operating Budget, as needed, to receive and expend the funds.
Body
In 2019, the City of Madison joined a cohort of municipalities through the Cities for Financial Empowerment Fund, Inc, (the CFE Fund), and CityStart, to address the subject of financial empowerment models. The CFE Fund will offer the City technical assistance to create a blueprint for a service model to deliver coordinated financial empowerment services to Madison residents. The CFE Fund invited cohort members to apply for, and Madison was awarded, additional grant funding to help further develop their financial empowerment objectives while finalizing the blueprint, which is expected to be completed by year-end. The Community Development Division (CDD) will manage these funds and oversee the financial empowerment program or services that emerge.
Many Madison residents are seeking guidance on available financial resources, particularly in response to economic hardships due to COVID-19. As noted above, the City of Madison applied for and received a grant of up to $80,000 from CFE Funds to assist in establishing a Financial Navigator program within the City. Financial Navigators develop knowledge needed to help residents navigate the often confusing array of federal, state and local resources put in place to support them. Navigators who are knowledgeable about those resources can help individuals prioritize financial concerns and understand how to apply and access programs. CFE Funds provides training, access to a centralized database and marketing support. City staff will be better qualified to field inquiries on various resources once the Financial Navigator program is launched. Outcomes from this program will also help develop a final blueprint for financial empowerment models within the community by highlighting strengths and needs in available services for residents.
Subsequently, the City of Madison was awarded $20,000 to support a planning grant focused on helping summer youth employment providers connect participants with banking opportunities within their program structures. CDD already supports various youth employment programs. These funds will bolster financial education offered to youth participants. Again, outcomes from this planning grant will be used to identify strengths and needs for ongoing recourses within the community.
ACTION
WHEREAS, the City of Madison’s Community Development Division (CDD) has applied for and been awarded a $20,000 planning grant and $80,000 implementation grant from Cities for Financial Empowerment Fund, Inc (CFE Fund), to support two grant programs referred to as Summer Jobs Connect and Financial Navigator programs; and,
WHEREAS, through the Summer Jobs Connect and Financial Navigator programs, the CFE Funds will offer technical assistance to the City, led by CDD, to aid in the development of a Summer Jobs Connect and Financial Navigator program; and,
WHEREAS, CDD’s 2020 operating budget currently supports programming that focuses on economic mobility opportunities, such as employment training, financial literacy and other community-based programming, as part of a broader strategy to support household stabilization; and,
WHEREAS, CDD continues to explore ways to improve these services and expand economic opportunity through collaboration with other government bodies, nongovernmental funders, educational institutions and financial institutions.
NOW, THEREFORE, BE IT RESOLVED that the Common Council authorizes the Community Development Division to accept a $20,000 planning grant and an $80,000 implementation grant from the CFE Fund to be used to implement and manage a Summer Jobs Connect youth employment program and create a Financial Navigator program; and,
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to enter into a contract with the Cities for Financial Empowerment Fund, Inc (CFE Fund) to implement the activities for which funds were provided; and.
BE IT FINALLY RESOLVED that the Community Development Division’s 2020 Operating Budget be amended, as appropriate, to reflect the receipt of the $20,000 and $80,000 grant awards and the corresponding expenditure authority.