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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.
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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 partner with Cities for Financial Empowerment Fund to support interested cities in crafting a strategic implementation plan to launch an office of financial empowerment in their cities; and
WHEREAS, the uses of the potential funds would support OFE’s existing duties to provide financial empowerment programs, education, partnerships and research; and
WHEREAS, the goals and objectives of the Initiative and grant align with OFE’s goals and objectives; and
WHEREAS, the Council, pursuant to Administrative Code Ch. 86.12 must consent to applications for grants, uses of grant funds, and obligations of potential receipt of grant funds; now, therefore, be it
RESOLVED, that the City Council of Saint Paul does hereby authorize the Office of Financial Empowerment to apply for the Grant in the amount of $30,000 for the Initiative from the Cities for Financial Empowerment Fund, which would support OFE objectives and obligate OFE to provide staff for monthly technical assistance with a mentee, and to host a mentee at the City for a site visit.