Title
Authorizing the Office of Financial Empowerment to apply for and accept a $40,000 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 children and families through its CollegeBound Saint Paul College Savings Account (CSA) program; and
WHEREAS, the CSA program supports families by expanding financial capability, increasing access to financial education, and addressing disparities in educational attainment and long-term economic security; and
WHEREAS, CollegeBound Saint Paul strengthens future economic mobility by helping families build assets for postsecondary education and training, which improves access to high-quality jobs and reduces financial instability; and
WHEREAS, by supporting postsecondary education savings and financial well-being, the CSA program contributes to a more skilled, educated, and economically secure workforce within the City of Saint Paul; and
WHEREAS, the City of Saint Paul has also established a guaranteed income initiative for certain CSA families, known as CollegeBound Boost (“Boost”), to further support family financial stability; and
WHEREAS, the Saint Paul City Council finds that the CSA program and Boost advance the financial health, empowerment, and economic position of Saint Paul children and families, and serve legitimate public purposes by addressing economic disparities and promoting the overall health and welfare of the community; and
WHEREAS, the Office of Financial Empowerment seeks to apply for a $40,000 grant (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 outreach related to tax season and a tax-time savings bonus; and
WHEREAS, the Mayor, pursuant to ...
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