HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO:
Arthur Noriega V
DATE:
Monday, December
City Manager 29, 2025
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FROM:
David Gilbert
Director, Department of Human
Services
SUBJECT:
FILE:
18423
Annual Allocation of $120,000 to
Foundation for New Education Initiatives
(FNEI), Inc. for Future Bound Miami —
Child Savings Account Four Fifth
Waiver
REFERENCES.
BACKGROUND
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, Miami Dade County Public Schools Foundation, Inc., and the City of Miami. Together they
provide financial education and asset -building resources to strengthen post -secondary access, technical
skills, and income mobility. 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. This item is being sponsored by the Mayor' s Office. The NDA Account
No. 00001.980000.882000
As Miami Dade County Public Schools Foundation, Inc is familiar with the needs of the community and
requirements imposed by the City, it would be advantageous to the City to expedite the allocation and waive
procurement requirements at this time. Providing these funds to the organization will allow children to
obtain these services immediately, with no added time for the procurement process, which could take over
30-40 days.
RECOMMENDATION
In light of the above stated, approval of a waiver of the formal requirements of competitive sealed bidding
methods as not being practicable or advantageous to the City as set forth in the City Code of Ordinances,
as amended, specifically Section 18-85 (A), and the affirmation of these written findings and the forwarding
of the same to the City Commission for ratification by a four -fifths vote is respectfully requested.
APPROVED/DISAPROVED:
,—DocuSigned by:
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GWAb tD ❑DISAPPROVED:
Arthur Noriega V, City Manager