Title
Authorizing the Office of Financial Empowerment to apply for a $70,000 grant from the Saint Paul Foundation to support CollegeBound Saint Paul program bonus deposits.
Body
WHEREAS, CollegeBound Saint Paul is the City’s College Savings Account (“CSA”) program; and
WHEREAS, the City of Saint Paul seeks to improve the health, welfare and prosperity of the children and families of Saint Paul through the CollegeBound CSA program; 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, the Saint Paul City Council finds that the CollegeBound Saint Paul College Savings Account Program will bolster and advance the financial health, 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 Office of Financial Empowerment seeks to apply for financial support from the Saint Paul Foundation to support program operations for CollegeBound Saint Paul; and
WHEREAS, the grant will be used to provide bonuses deposits into CSA accounts that support the financial health of families; now, therefore, be it
RESOLVED, that the City Council of Saint Paul does hereby authorize the appropriate City officials in the Office of Financial Empowerment to apply for a $70,000 grant from the Saint Paul Foundation to support CollegeBound Saint Paul program operations.
Financial Analysis
None