HomeMy WebLinkAboutSummary FormDate: February 18, 2016
AGENDA ITEM SUMMARY FORM
FILE ID: 16-00256
Requesting Department: Office of Grants Administration
Commission Meeting Date: March 24th, 2016 District Impacted: All
Type: ® Resolution n Ordinance Emergency Ordinance n Discussion Item
❑ Other
Law Department
Matter ID No.
16-223
Subject: Acceptance and appropriation of a grant from the Cities for Financial Empowerment (CFE) Inc., in an
amount not to exceed $418,375 for the purpose of establishing a 2016 Summer Youth Employment & Financial
Empowerment Program and implementing an established model to connect participants to financial counseling
and banking opportunities.
Purpose of Item:
A Resolution of the Miami City Commission authorizing the acceptance and appropriation of funds from the
Cities for Financial Empowerment (CFE) Fund, Inc. in an amount not to exceed $418,375 and establishing a new
Special Revenue Project entitled "Summer Youth Employment Program 2016" for the purposes of supporting up
to 150 summer youth employment opportunities as well as develop program components to connect participants
to financial counseling and banking opportunities; further authorizing the City Manager to negotiate and execute
the award agreement, amendments and extensions in a form acceptable to the City Attorney, in order to
implement said grant award.
Background Information:
The CFE Fund works to promote economic progress in communities around the world and focuses on initiatives
that expand financial inclusion and has partnered with 5 of the largest cities in the US, including Miami to
implement this summer youth initiative. The grant's goal is to replicate and implement in the City of Miami
existing pilot program model to facilitate a coordinated national effort to affect and improve the self-sufficiency
of its low/moderate income youth and increase their access to the financial tools and education that are
fundamental to economic prosperity and success. Since the inception of the program the city has employed 230
and has generated over $595,600 in economic impact. The CFE Fund has awarded the City a grant in the amount
of $418,375 to hire up to 150 youth ages 16-19 residing in low to moderate income areas in the City of Miami to
establish the Summer Youth Employment & Financial Empowerment Program.
Budget Impact Analysis
YES Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No: TBD
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $418,375
CIP
If using or tee ivi
Grants
Purchasing
Chief
Final Approvals
(SIGN AND DATE)
Budget
//6
Risk Management
ifyr/
Dept. Director
City Manager
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