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Home My WebLink AboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #18423 Date: 12/16/2025 Commission Meeting Date: 01/08/2026 Requesting Department: Department of Human Services Sponsored By: District Impacted: All Type: Resolution Subject: Funds Allocation - Future Bound Program - Children's Savings Account Purpose of Item: A 4/5 VOTE AND RESOLUTION OF THE MIAMI CITY COMMISSION, AUTHORIZING THE CONTINUING OF THE ALLOCATION OF FUNDS FROM THE CITY OF MIAMI IN THE AMOUNT OF $120,000.00 TO FUND THE CHILDRENS SAVINGS ACCOUNTS FOR NEW KINDERGARTENERS ENTERING CITY OF MIAMI ELEMENTARY SCHOOLS. THE CITY OF MIAMI IS A MEMBER OF THE LOCAL COUNTYWIDE CONSORTIUM CALLED FUTURE BOUND MIAMI FORMED TO BRING FINANCIAL EDUCATION AND ASSET -BASED RESOURCES TO RESIDENTS TO INCREASE POST -SECONDARY EDUCATON, TECHNICAL SKILLS ATTAINMENT AND IMPROVE FUTURE WORKFORCE ACCESS AND INCOME MOBILITY. CATALYST MIAMI WAS SET-UP TO ACCEPT AND WORK WITH THE FUTURE BOUND MIAMI CONSORTIUM AND ENDOWMENT PARTNER BUT HAS HANDED OVER RESPONSIBILITIES TO MIAMI DADE COUNTY PUBLIC SCHOOLS FOUNDATION (MDCPS FOUNDATION). FURTHER AUTHORIZING THE CITY MANAGER TO FINALIZE AND EXECUTE ANY AGREEMENT ASSOCIATED WITH THIS PROGRAM. Background of Item: Children's Savings Accounts (CSAs) are investment accounts that begin when a child enters kindergarten and grow through family contributions and program incentives until high school graduation. Research from Kansas University shows that even small savings —less than $500—significantly increase the likelihood of a child attending and graduating from college. In 2016, The Children's Trust approved funding for Catalyst Miami, Inc. to convene public and private partners to develop CSAs for Miami -Dade students, leading to the creation of the Future Bound Consortium. This partnership includes The Miami Foundation, United Way of Miami -Dade, Miami -Dade County Public Schools, Catalyst Miami, Sant La Haitian Neighborhood Center, The Children's Trust, The Children's Movement, MDCPS Foundation, and the City of Miami. Together they provide financial education and asset -building resources to strengthen post -secondary access, technical skills, and income mobility. Despite challenges during the pandemic, the program has already opened 286 accounts with $50 each across 30 participating City elementary schools. To expand the initiative, the City plans to contribute up to $120,000, providing a $50 seed deposit for each incoming kindergarten student in City schools. The Consortium will oversee all fund management and program operations, while the City Manager seeks authority from the City Commission to finalize and execute the necessary agreements. Budget Impact Analysis Item is NOT Related to Revenue Item has NOT an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: Total Fiscal Impact: $ 120,000 Department of Human Services Office of Management and Budget Office of Management and Budget City Manager's Office City Manager's Office City Manager's Office Office of the City Attorney Legislative Division Office of the City Attorney Office of the City Attorney City Commission Legislative Division Office of the City Attorney Office of the City Attorney Office of the City Clerk Reviewed B David Gilbert Aniska Elliott Leon P Michel Barbara Hernandez Natasha Colebrook -Williams Arthur Noriega V Raymond Pereira Valentin J Alvarez Raymond Pereira George K. Wysong III Maricarmen Lopez Valentin J Alvarez Raymond Pereira George K. Wysong III City Clerk's Office Department Head Review Budget Analyst Review Budget Review Assistant City Manager Review Deputy City Manager Review City Manager Review ACA Review Legislative Division Review ACA Review Approved Form and Correctness Meeting Legislative Division Review ACA Review Approved Form and Correctness Rendered Completed 12/16/2025 8:46 AM Completed 12/16/2025 9:11 AM Completed 12/23/2025 11:42 AM Completed 12/26/2025 1:19 PM Completed 12/26/2025 1:20 PM Completed 12/26/2025 1:55 PM Completed 12/26/2025 2:48 PM Completed 12/29/2025 11:37 AM Completed 12/29/2025 11:44 AM Completed 12/29/2025 1:42 PM Completed 01/08/2026 9:00 AM Completed 02/04/2026 12:57 PM Completed 02/04/2026 3:36 PM Completed 02/04/2026 3:55 PM Completed 02/05/2026 12:10 PM City of Miami Legislation Resolution Enactment Number: R-26-0014 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 18423 Final Action Date:1/8/2026 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDINGS, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY"); WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; ALLOCATING FUNDS FROM THE CITY'S NDA ACCOUNT NO. 00001.980000.882000 IN AN AMOUNT NOT TO EXCEED ONE HUNDRED TWENTY THOUSAND AND 00/100 DOLLARS ($120,000.00) ("FUNDS") TO MIAMI-DADE COUNTY PUBLIC SCHOOLS FOUNDATION, INC., A FLORIDA NOT FOR PROFIT CORPORATION ("FOUNDATION"), FOR THE PROVISION OF FINANCIAL EDUCATION AND ASSET - BASED RESOURCES TO CITY RESIDENTS FOR INCREASED POST -SECONDARY EDUCATION, TECHNICAL SKILLS ATTAINMENT, AND IMPROVED FUTURE WORKFORCE ACCESS AND INCOME MOBILITY("PROGRAM"), AUTHORIZED PURSUANT TO RESOLUTION NO. R-19-0051, WITH THE FOUNDATION ASSUMING FULL RESPONSIBILITY FOR THE SET-UP, ACCEPTANCE, AND MANAGEMENT OF THE FUNDS TO CONTINUE THE FUTURE BOUND MIAMI CONSORTIUM PARTNERSHIP INITIATIVE (`CONSORTIUM") WHICH PROVIDES CHILDREN'S SAVINGS ACCOUNTS ("CSA") TO KINDERGARTEN STUDENTS ENTERING ELEMENTARY SCHOOLS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE; PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE. WHEREAS, the Future Bound Consortium Initiative consists of a partnership between The Miami Foundation, Inc., The United Way of Miami -Dade County, Inc., The Miami -Dade County Public School Board, Catalyst Miami, Inc., Sant La Haitian Neighborhood Center, The Children's Trust Fund, Inc., The Children's Movement, Inc., Miami -Dade County Public Schools Foundation, Inc. and the City of Miami ("City") (collectively "Consortium") for the provision of financial education and asset -based resources to City residents for increased post -secondary education, technical skills attainment, and improved future workforce access and income mobility ("Program"); and WHEREAS, Children's Savings Accounts ("CSAs") are long-term investment accounts that provide incentives to help school -age children and their families build savings to help offset the cost of postsecondary education in the future; and WHEREAS, on January 24, 2019, the City Commission adopted Resolution No. 19- 0051, which authorized an initial allocation to the Consortium for the set-up, acceptance and management of the CSA Program; and WHEREAS, the Miami -Dade County Public Schools Foundation, Inc. ("Foundation") has been selected by the Consortium as the fund administrator for the Consortium and will assume full responsibility for the set-up, acceptance, and management of the funds and the Program; and WHEREAS, pursuant to Section 18-85(a) of the Code of the City of Miami, Florida, as amended ("City Code"), the City Manager has made written findings, attached and incorporated as Exhibit "A," that competitive negotiation methods and procedures are not practicable or advantageous for the City's provision of said funds for the Program; and WHEREAS, the City wishes to provide funds from the City's NDA Account No. 00001.980000.882000 in an amount not to exceed One Hundred and Twenty Thousand and 100/00 Dollars ($120,000.00) to fund CSAs with a Fifty Dollar ($50.00) initial deposit per each student graduating kindergarten and entering elementary schools within the City as part of the Program; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. Pursuant to Section 18-85(a) of the City Code, by a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's written findings, attached and incorporated as Exhibit "A," that competitive negotiation methods and procedures are not practicable or advantageous for the City's provision of said Funds for the Program and waiving the requirements for said procedures, are hereby ratified, approved, and confirmed. Section 3. The City Manager is authorized' to allocate funds from the City's NDA Account No. 00001.980000.882000 in an amount not to exceed One Hundred Twenty Thousand and 00/100 Dollars ($120,000.00) to the Foundation, in trust for the Consortium, to fund CSAs with a Fifty Dollar ($50.00) initial deposit per each student graduating kindergarten and entering elementary schools within the City as part of the Program. Section 4. The City Manager is further authorized' to negotiate and execute any and all documents necessary, in a form acceptable to the City Attorney, for said purpose. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 2/29/2025 ng III: City ttor -y 2/4/2026 1 The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions.