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Authorizing the Office of Financial Services to accept a $50,000 grant from the Public Finance Initiative to advance racial equity work in public finance, and amending the 2024 budget for the Office of Financial Services.
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WHEREAS, the Public Finance Initiative (PFI), PFM Group Consulting LLC (PFM GC), PFM Financial Advisors (PFM FA, collectively with PFM GC, PFM), and the Government Alliance on Race & Equity (GARE) launched a technical assistance and grant opportunity for the Bond Markets and Racial Equity Project (“the Program”), a bold effort to create a new framework that centers racial equity in municipal bond-funded projects and capital investments funded with the support of the Robert Wood Johnson Foundation; and
WHEREAS, the Debt Management division in the Office of Financial Services sells debt instruments at the lowest possible cost, manages the City's existing debt, researches and implements alternative financing scenarios for major capital projects to ensure savings, and facilitates all facets of the bond sale and post-sale compliance processes; and
WHEREAS, the Office of Financial Services applied for a $50,000 grant from the Public Finance Initiative to meet project goals as outlined in RES 23-653; and
WHEREAS, the grant funds will provide funds to cover consulting and staff costs for the project; and
WHEREAS, the Office of Financial Services was awarded a $50,000 grant from the Public Finance Initiative to advance racial equity work in public finance; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the City Charter and by receipt of the Grant, certifies that there is available for appropriation funds of $50,000 in excess of those dedicated to the Office of Financial Services in 2024; now, therefore, be it
RESOLVED, that the City Council of Saint Paul does hereby:
1. Authorize the Office of Financial Services to accept the Grant from the Public Finance Initiative in the amount of $50,000 to advance racial equity work in public finance.
2. Adopt, upon recommendation of the Mayor, that $50,000 is available for appropriation to the Office of Financial Services, as specified in the attached financial analysis form.