Title:
Title
Financial Empowerment Center Funding
End
FileID
File ID: 2019-00897
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a Resolution authorizing the City Manager or City Manager's designee to; 1) establish revenue and expenditure budgets in the Financial Empowerment Center Multi-year Operating Project (MYOP) in the amount of $150,000 (Operating Grant Fund, Fund 2702); and 2) resetting the City Manager's administrative authority for the City Manager's operating budget.
Contact: Leslie Fritzsche, Economic Investment Manager, (916) 808-5450, Office of Innovation and Economic Development; Zachary Yeates, Staff Aide, (916) 808-7187, Office of Mayor Steinberg
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: In 2017 the City of Sacramento received a planning grant from the Cities for Financial Empowerment Fund, Inc. (CFE) through the Bloomberg Foundation to explore the establishment of a Financial Empowerment Center (FEC). The CFE's mission is to leverage municipal engagement to improve the financial stability of low and moderate-income households by embedding financial empowerment strategies into local government infrastructure. Through the 1-year process of the FEC planning process, it was discovered that this tool could be complimentary to the inclusive economic development efforts and can be key to supporting financially vulnerable residents and businesses. If the City of Sacramento FEC is approved, Sacramento will join 16 local governments that have been selected to work on replicating the FEC model.
Background
The FEC model has operated for nine years in six cities, working with more than 80,000 clients, helping them reduce debt by more than $94 million, and increasing savings by $12 million. Professionally trained FEC counselors help consumers with low incomes manage their finances, pay down debt, increase savings, establish and build credit, and access...
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