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 ser...
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