Title
Authorizing the Office of Financial Empowerment to apply for and accept a $583,000 grant from the Saint Paul & Minnesota Foundation to support program operation costs for CollegeBound Saint Paul and CollegeBound Boost and amending the 2025 budget for the Office of Financial Empowerment.
Body
WHEREAS, the City of Saint Paul seeks to improve the health, welfare and prosperity of the children and families of Saint Paul through its CollegeBound College Savings Account (CSA) program; and
WHEREAS, the CSA program will help address key challenges facing Saint Paul families such as financial insecurity and inequality in educational attainment by providing financial education, and other services to build financial health; and
WHEREAS, the CSA program can minimize disparities in educational attainment and economic position by addressing gaps in financial aid for postsecondary education, which will impact a child’s ability to access high quality jobs and promote overall economic mobility; and
WHEREAS, by providing funding assistance for postsecondary education, the CSA program contributes to a more skilled and educated workforce within the City of Saint Paul; and
WHEREAS, the City of Saint Paul has established a guaranteed income program for certain families in the CSA program, known as CollegeBound Boost (“Boost”); and
WHEREAS, the Saint Paul City Council finds that the CSA program and Boost will bolster and advance the financial health, empowerment, and economic position of children and families in Saint Paul, and that the CSA program and Boost have legitimate public and governmental purposes by addressing economic disparities, and promoting the health and welfare of the Saint Paul community at large; and
WHEREAS, the Office of Financial Empowerment seeks to apply for a grant in the amount of $583,000 (the “Grant Funds”) from the Saint Paul & Minnesota Foundation to support program operation costs for the CSA program and Boost, including but not limited to, costs associated with marketing and outreach, consulting and professional services, and programmatic costs; and
WHEREAS, if and when the Grant Funds are received, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there will be available for appropriation funds of $583,000 in excess of those dedicated to the Office of Financial Empowerment in 2025; now, therefore, be it
RESOLVED, the Council hereby:
1. Accepts and receives the Grant Funds from the Saint Paul & Minnesota Foundation to support operations for the CSA program and CollegeBound Boost.
2. Amends the 2025 Office of Financial Empowerment budget as detailed in the attached Financial Analysis.
Financial Analysis
See Attachment.