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File #: RES PH 20-174    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 8/26/2020
Title: Authorizing the Office of Financial Empowerment to accept a $5,500 gift from Prosperity Now’s 1:1 Fund for CollegeBound Saint Paul, and amending the 2020 budget to reflect the gift.
Sponsors: Amy Brendmoen
Attachments: 1. RES PH 20-174 Financial Analysis

Title

Authorizing the Office of Financial Empowerment to accept a $5,500 gift from Prosperity Now’s 1:1 Fund for CollegeBound Saint Paul, and amending the 2020 budget to reflect the gift.

 

Body

WHEREAS, the City established an Office of Financial Empowerment (the “Office”) within the Office of Financial Services; and

 

WHEREAS, the CollegeBound Saint Paul program is focused on newborns living in Saint Paul with the goal of building a college-bound identity and improving financial security outcomes for program participants and their families; and

 

WHEREAS, the 1:1 Fund was established by Prosperity Now to support college savings accounts across the country; and

 

WHEREAS, the 1:1 Fund selected CollegeBound Saint Paul to receive a gift (“Gift”) to support the program in navigating COVID-19; and

 

WHEREAS, the goals and objectives of the Cohort Gift aligns with the goals and objectives of CollegeBound Saint Paul; and

 

WHEREAS, the Mayor, pursuant to Section 10.07.1 of the City Charter and by receipt of the Cohort Grant, certifies that there is available for appropriation funds of $5,500 in excess of those dedicated to CollegeBound Saint Paul in 2019; now, therefore, be it

 

RESOLVED, that the City Council of Saint Paul does hereby:

 

1.                     Authorize the Office to accept the Gift from Prosperity Now’s 1:1 Fund in the amount of $5,500 for CollegeBound Saint Paul. 

2.                     Adopt, upon recommendation of the Mayor, that $5,500 is available for appropriation to CollegeBound Saint Paul, supplemental appropriations as specified in the attached financial analysis form.

 

 

Financial Analysis

See Attachment.

 

 

 

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