City of Madison - File #: 65077

• File #: 65077
• Version: 1
• Name: Authorizing the Community Development Division to accept grants from the Cities for Financial Empowerment Fund, Inc (known as the CFE Fund) to implement a Summer Jobs Connect youth banking access and financial empowerment education program ($50,000) and a
• Type: Resolution
• Status: Passed
• File created: 4/13/2021
• In control: Community Development Division
• On agenda: 5/18/2021
• Final action: 5/18/2021
• Enactment date: 5/24/2021
• Enactment #: RES-21-00365
• Title: Amending the 2021 Adopted Operating Budget for Community Development Division - Economic Development & Employment Opportunities by $50,000 and authorizing the Community Development Division to accept grants from the Cities for Financial Empowerment Fund, Inc. (known as the CFE Fund) to implement a Summer Jobs Connect youth banking access and financial empowerment education program ($50,000).
• Sponsors: Tag Evers, Arvina Martin, Syed Abbas, Sheri Carter, Christian A. Albouras, Jael Currie

Date	Ver.	Action By	Action	Result
5/18/2021	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
5/10/2021	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
4/28/2021	1	COMMUNITY SERVICES COMMITTEE
4/20/2021	1	FINANCE COMMITTEE	Referred
4/20/2021	1	COMMON COUNCIL	Refer	Pass
4/13/2021	1	Community Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes accepting $50,000 in grant funding from Cities for Financial Empowerment (CFE) Fund, Inc. and amending the 2021 Adopted Operating Budget for Community Development Division - Economic Development & Employment Opportunities. The Community Development Division’s revenue and purchased services will be amended to reflect to $50,000 award. No additional General Fund appropriation is required.
Title
Amending the 2021 Adopted Operating Budget for Community Development Division - Economic Development & Employment Opportunities by $50,000 and authorizing the Community Development Division to accept grants from the Cities for Financial Empowerment Fund, Inc. (known as the CFE Fund) to implement a Summer Jobs Connect youth banking access and financial empowerment education program ($50,000).
Body
BACKGROUND:
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 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 over the year and oversee the financial empowerment program or services that emerge.

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 in collaborating programs...