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 C...
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