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File #: RES PH 22-209    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 7/27/2022
Title: Authorizing the Office of Financial Empowerment to accept grant funds from the Bush Foundation and to amend the financing and spending plan, in the amount of $3,150,000, for the CollegeBound Saint Paul program.
Sponsors: Amy Brendmoen
Attachments: 1. RES PH 22-209 OFE Bush Foundation Grant $3.pdf, 2. Agreement_City of Saint Paul_Bush Foundation_July 2022
Title

Authorizing the Office of Financial Empowerment to accept grant funds from the Bush Foundation and to amend the financing and spending plan, in the amount of $3,150,000, for the CollegeBound Saint Paul program.

Body

WHEREAS, CollegeBound Saint Paul is the City’s College Savings Account program (Ord 19-74); and

WHEREAS, the City of Saint Paul seeks to improve the health, welfare, and prosperity of the children and families of Saint Paul by implementing the CollegeBound Saint Paul 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 literacy and economic 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, a citywide CSA program financially empowers Saint Paul families by providing access to services that increase financial capability, and connect families with quality employment opportunities to build assets, ultimately strengthening the economic prowess of the community; and

WHEREAS, the CollegeBound Saint Paul College Savings Account Program will bolster and advance the financial literacy, empowerment, and economic position of children and families in Saint Paul, and that the CollegeBound Saint Paul College Savings Account Program has a legitimate public and governmental purpose by addressing economic disparities, and promoting health and welfare of the Saint Paul Community at large; and

WHEREAS, the City Council appro...

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