Number
230692
Version
SUBSTITUTE 1
Reference
Sponsor
ALD STAMPER
Title
Substitute resolution authorizing acceptance of funding of the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.
Analysis
This resolution authorizes the Department of Administration’s Community Development Grants Administration (CDGA) to accept, and fund the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.
Body
Whereas, the Cities for Financial Empowerment Fund, Inc. (CFE Fund) is a national nonprofit based in New York which aims to improve financial stability by embedding financial empowerment in local government, having received funding for the Financial Empowerment Center (FEC) Implementation initiative from Bloomberg Philanthropies, the Citi Foundation, JP Morgan Chase & Co., and the Wells Fargo Foundation, and serving as both funder and technical assistance provider for the Financial Empowerment Center (FEC), the CFE Fund has selected the City of Milwaukee’s application for a funded award; and
Whereas, The City of Milwaukee appears to be eligible for grant funds from the Cities for Financial Empowerment Fund, Inc. for the Financial Empowerment Center (FEC) Implementation Grant; and
Whereas, Riverworks Development Corp., is the designated project partner on this grant and the agency responsible for project implementation; designated to receive the $150,000 grant award to perform the Financial Empowerment Center (FEC) activity; and
Whereas, This grant will be a 27-month engagement, an estimated 3-month build phase and two years of FEC operations. The operations of this grant would cost $150,000 which will be provided as the grantor share; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Community Development Grants Administration (CDGA) is hereby authorized to accept and allocate funding awards to Riverworks Development Corp; and, be it
Further Resolved, That the City of Milwaukee assures and certifies that it will comply with the policies guidelines and requirements with respect to the acceptance and use of the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.; and, be it
Further Resolved, That acceptance of this grant is authorized and the Community Development Grants Administration shall accept this grant without further approval unless the terms of the grant changes as indicated in Section 304-81 of the Milwaukee
Code of Ordinances.
Further Resolved, That the City Comptroller is authorized to:
Commit Funds within the Project/Grant Parent of the 2023 Special Revenue Grant and Aid Projects Fund, the following amounts for the program/projects titled Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc. (CFE):
Project/Grant Fund Org Program BY SubClass Acct
GR0002300000 0150 9990 0001 0000 R999 000600
Project Amount
Grantor Share $150,000
Create the necessary Grant and Aid Project/Grant and Project/Grant levels; budget against these Project/Grant values the amounts required under the grant agreement;
Further Resolved, That these funds are budgeted for the Community Development Grants Administration, which is authorized to:
Expend from the amount budgeted for specified purposes as indicated in the grant budget and incur costs consistent with the award date;
Expend from the grant budget funds for training and out-of-town travel by departmental staff.
Enter into subcontracts and leases as detailed in the grant budget
; and, be it
Further Resolved, That the Subrecipient organizations shall submit budget and activity reports in amounts and according to any conditions approved by the Common Council and in accordance with File Number 74-92-5v, to the Community Development Grants Administration and the City Comptroller for review and approval; and, be it
Further Resolved, That payments for all Financial Empowerment Center (FEC) Implementation Grant costs incurred shall be paid in accordance with approved Financial Empowerment Center (FEC) Implementation Grant-CFE Fund reimbursement policy based on the approval by the Community Development Grants Administration and the City Comptroller.
Requestor
Drafter
CDGA-CFE-Fund/FEC
Steve Mahan/Mario Higgins
09/05/23