Title
Authorizing the Office of Financial Empowerment to apply for a $30,000 grant from the Cities for Financial Empowerment Fund, which, if received, would obligate OFE to provide staff to host a site visit and provide monthly technical assistance to mentee cities interested in launching an office of financial empowerment.
Body
WHEREAS, the City of Saint Paul has established an Office of Financial Empowerment (“OFE”) within the Office of Financial Services (Ord 19-74); and
WHEREAS, the functions of OFE include creating and administering educational programs regarding financial capability and partnering with external organizations to execute financial empowerment programs; and
WHEREAS, local governments across the nation are playing increasingly meaningful roles in financially empowering their residents to build and protect hard-earned financial assets; and
WHEREAS, the City of Saint Paul has a successful track-record of launching an effective and nationally-recognized OFE; and
WHEREAS, the Cities for Financial Empowerment Fund is a national non-profit that provides funding and technical assistance to cities to develop, launch, replicate and test financial empowerment strategies; and
WHEREAS, the Cities for Financial Empowerment Fund launched the Financial Empowerment Mentorship Initiative (“Initiative”) and seeks proposals from existing offices of financial empowerment to apply to serve as a mentor for the new Financial Empowerment Cities cohort; and
WHEREAS, mentor cities will provide mentees with one-on-one guidance and experiential learning opportunities related to the design, launch, and sustainability of a local office of financial empowerment; and
WHEREAS, the Cities for Financial Empowerment Fund will select mentor cities with existing offices of financial empowerment and award a $30,000 grant (“Grant”) to mentor cities who are interested in launching an office of financial empowerment; and
WHEREAS, selected mentor cities will par...
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