Title
Resolution accepting a grant of $20,000 Grant from Cities for Financial Empowerment Fund to Develop a Financial Empowerment Center Plan, authorizing the City Manager to sign a Memorandum of Understanding, and approving Budget Amendment No. 25.048.
Body
WHEREAS, the City currently provides economic mobility services through its Economic Advancement Center (EAC); and
WHEREAS, the current economic mobility services offered within the EAC include workforce development, small business and entrepreneurship support, community navigation services, and housing and food insecurity support; and
WHEREAS, financial empowerment counseling and support could be expanded and enhanced with services and connections for individuals in need of financial support; and
WHEREAS, Cities for Financial Empowerment Fund approved the City’s Phase I Milestone application and awarded the City $20,000 to develop a Financial Empowerment Center Plan; and
WHEREAS, the Financial Empowerment Center plan will determine if a South San Francisco Financial Empowerment Center within the existing Economic Advancement Center is feasible; and
WHEREAS, the Financial Empowerment Center model was started in New York City and has been adopted by cities of various sizes throughout the United States; and
WHEREAS, South San Francisco residents and community members may benefit from services, such as assistance with starting a bank account, creating debt reduction plans and saving plans, and establishing or improving credit that are provided by Financial Empowerment Centers; and
WHEREAS, Cities for Financial Empowerment Fund will provide a dedicated Technical Assistance Lead to the City and that Technical Assistance Lead will provide assistance with fundraising, establishing policies and procedures, and identifying qualified nonprofit service providers; and
WHEREAS, six other municipalities, which include Salinas, CA; Salt Lake City, UT; Saint Louis, MO; Waco, TX; Clarksville, TN; and Leon County, FL, were also selected to receive planning grants.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco hereby takes the following actions:
1. The foregoing recitals are true and correct and incorporated herein as part of this Resolution;
2. Approves the acceptance of $20,000 in grant funds from Cities for Financial Empowerment Fund for the Phase 2 Financial Empowerment Center Planning Grant;
3. Authorizes the City Manager or their designee to execute a Memorandum of Understanding, incorporated herein as Exhibit A, for the Phase II Financial Empowerment Center Planning Grant;
4. Appropriates the $20,000 grant with Budget Amendment Number 25.048;
5. Authorizes the Finance Director to take all necessary budgetary actions to carry out the intent of this Resolution; and
6. Authorizes the City Manager to take any other related actions necessary to carry out the intent of this Resolution.
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