Title
Report regarding a resolution accepting a grant of $20,000 from Cities for Financial Empowerment Fund to Develop a Financial Empowerment Center Plan, authorizing the City Manager to execute a Memorandum of Understanding, and approving Budget Amendment No. 25.048 (Michael Guss, Economic Development Specialist and Alvina Condon, Management Analyst II)
label
RECOMMENDATION
Recommendation
Staff recommends that the City Council adopt a resolution accepting a $20,000 grant from Cities for Financial Empowerment Fund to develop a Financial Empowerment Center Plan, authorizing the City Manager to execute a Memorandum of Understanding and approving Budget Amendment No. 25.048.
Body
BACKGROUND
Cities for Financial Empowerment Fund is a nonprofit organization that funds grants to cities to support financial empowerment and economic mobility programming. Cities for Financial Empowerment Fund is primarily funded by philanthropic foundations and major financial institutions.
Financial empowerment supports financial literacy and skills to provide resources to residents and community members in understanding financial concepts, such as budgeting, saving, investing, and managing debt, which can lead to greater control over personal finances and the ability to achieve financial goals. Overall, financial empowerment enables individuals to make strategic financial choices that improve their economic stability and quality of life.
The City began working with Cities for Financial Empowerment Fund through the Advancing Economic Mobility Rapid Grant from the National League of Cities (NLC) that the City Council accepted in August of 2024. The grant program supported the expansion of the Promotores Program to the Asian American and Pacific Islander (AAPI) community through several outreach events.
Staff met with Cities for Financial Empowerment Fund (CFE) staff on a biweekly basis last Fall. At the conclusion of this process, staff submitted a Phase I Milestone applica...
Click here for full text