City of Madison - File #: 57460

• File #: 57460
• Version: 1
• Name: Authorizing the City to accept a $20,000 grant from the Cities for Financial Empowerment Fund, Inc (known as the CFE Fund) to create a community-wide financial empowerment strategy; authorizing the Mayor and City Clerk to enter into a contract with the CF
• Type: Resolution
• Status: Passed
• File created: 9/11/2019
• In control: COMMUNITY SERVICES COMMITTEE
• On agenda: 10/15/2019
• Final action: 10/15/2019
• Enactment date: 10/19/2019
• Enactment #: RES-19-00718
• Title: Authorizing the City to accept a $20,000 grant from the Cities for Financial Empowerment Fund, Inc (known as the CFE Fund) to create a community-wide financial empowerment strategy; authorizing the Mayor and City Clerk to enter into a contract with the CFE Fund to receive funds and implement the project; and amending the Operating Budget of the Community Development Division as appropriate to receive and expend $20,000 in funds to manage and implement the project.
• Sponsors: Shiva Bidar, Arvina Martin

Date	Ver.	Action By	Action	Result
10/15/2019	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
10/7/2019	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/17/2019	1	COMMUNITY SERVICES COMMITTEE	Referred
9/17/2019	1	COMMON COUNCIL	Refer	Pass
9/11/2019	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes the acceptance of a $20,000 grant from Cities for Financial Empowerment Fund, Inc. by the Community Development Division. The 2019 Adopted Operating Budget for the Community Development Division - Overall Program Administration will be amended to accept the funds and to increase purchased services expense authority to cover costs associated with development of a community-wide financial empowerment strategy.
Title
Authorizing the City to accept a $20,000 grant from the Cities for Financial Empowerment Fund, Inc (known as the CFE Fund) to create a community-wide financial empowerment strategy; authorizing the Mayor and City Clerk to enter into a contract with the CFE Fund to receive funds and implement the project; and amending the Operating Budget of the Community Development Division as appropriate to receive and expend $20,000 in funds to manage and implement the project.
Body
BACKGROUND

The City of Madison’s Community Development Division (CDD) applied and was recently awarded a grant by Cities for Financial Empowerment Fund (CFE Fund), a national nonprofit organization that helps city governments embed financial empowerment work into local government infrastructure. This engagement will help the City of Madison identify key financial empowerment issues and goals in our city, and will ultimately result in a Financial Empowerment Blueprint action plan.

CDD applied for this planning grant because low-income families in Madison face many of the same financial pressures as those in the rest of the nation, such as housing instability and lack of access to financial services. Financial instability is often overlooked in Madison because the median income continues to increase each year, however Madison faces significant disparities in housing, employment and other economic mobility indicators. Research shows that access to quality banking services increases economic mobility among fami...