Fiscal Note
The proposed resolution authorizes the acceptance of $57,000 in grant funding from Cities for Financial Empowerment (CFE) Fund, Inc. and amends the Community Development Division’s 2023 Adopted Operating Budget. The Community Development Division’s revenue and purchased services will be adjusted to reflect the $57,000 award. No additional General Fund appropriation is required.
Title
Authorizing the acceptance of a $57,000 grant from the Cities for Financial Empowerment Fund, Inc. (known as the CFE fund) to implement a Care and Repair financial empowerment education program for young adults and youth aging out of the foster care system, and amending the Community Development Division’s 2023 Adopted Operating Budget to reflect the receipt and use of those 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 provided 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. The Community Development Division (CDD) will continue to manage these funds in 2023 and 2024 and oversee the financial empowerment program or services that emerge.
As noted above, the City applied for and received an additional grant from CFE to assist in establishing a Financial Navigator program. 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. Outcomes from this program helped develop a final blueprint for financial empowerment models within the community by highlighting strengths and needs in available services for residents.
Subsequently, the City was awarded $20,000 to support a planning grant “Summer Jobs Connect” 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 were designed to bolster financial education offered to youth participants in collaborating programs. Again, outcomes from the planning grant will be used to identify strengths and needs for ongoing recourses within the community.
Madison was awarded; additional implementation grant funding of $50,000 to help further develop and launch the Summer Jobs Connects program, and to implement the planned program with planning partners that have agreed to work with CDD staff to meet the desired outcomes to offer youth access to banking and financial empowerment education objectives. Funds were used to support and promote access to banking and financial education provided by partner organizations which was completed by December 31, 2022.
The CFE Fund invited Summer Jobs Connect cohort members to apply for, and Madison was awarded, additional grant funding, this time to help further develop, design and implement an innovative banking strategy for young adults and youth aging out of the foster care system. The City was awarded grant funding of up to $57,000 to develop an action plan and, upon approval from CFE, receive funds for the implementation of the designed program over the following 18 months. Funds will be used to support and promote access to banking and financial education provided by partner organizations, work that is expected to be completed by September 2024.
ACTION
WHEREAS, the City of Madison’s Community Development Division (CDD) has applied for and been awarded a planning grant and implementation grant of up to $57,000 from Cities for Financial Empowerment Fund, Inc (CFE Fund), to support the program referred to as Madison Care and Repair program for young adults and youth aging out of the foster care system and,
WHEREAS, through the Care and Repair program, the CFE will offer technical assistance to the City, led by CDD, to aid in the development of innovative banking strategies for young adults and youth aging out of the foster care program; and,
WHEREAS, CDD’s 2023 operating budget currently contains funding that supports programming focused on providing 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, funds received from the CFE will be used to support and promote access to banking and financial education provided by partner organizations, work that is expected to be completed by September 2024; 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 $57,000 implementation grant from the CFE Fund to be used, with other planning partner agencies, to implement and manage a Care and Repair financial empowerment program for young adults, and youth aging out of the foster care system; 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 2023 Adopted Operating Budget is amended to reflect the receipt and use of this $57,000 grant.