Number
180763
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to agreements between the City of Milwaukee and the United Way of Greater Milwaukee and Waukesha County, the Edvest College Savings Plan and Employ Milwaukee for the Fund My Future Milwaukee children’s savings account program.
Analysis
This resolution directs the Department of Administration to enter into three agreements to establish and implement the Fund My Future Milwaukee children’s savings account program including:
1. A fiscal sponsorship agreement with the United Way of Greater Milwaukee and Waukesha County.
2. An agreement establishing a community savings account with the Edvest Wisconsin 529 College Savings Plan.
3. An agreement with Employ Milwaukee, Inc. to provide co-location and payroll services for the Fund My Future Milwaukee Program Manager and Administrative Assistant.
Body
Whereas, The City of Milwaukee, in cooperation with several partners, is launching Fund My Future Milwaukee, a children’s savings account program to help put all of Milwaukee’s children on a path to a successful future; and
Whereas, Fund My Future Milwaukee seeks to increase educational attainment rates to ensure Milwaukee has a 21st century workforce positioned for economic mobility; and
Whereas, Fund My Future Milwaukee seeks to improve the financial capability of participating children and their families to make the most of career and academic programs available after high school; and
Whereas, Research indicates that having even small educational savings raises children’s expectations for their future and can increase the level of education that they attain; and
Whereas, Fund My Future Milwaukee will provide children’s savings accounts to help students and their families save, plan and pay for education costs after high school; and
Whereas, Children’s savings account programs are expanding rapidly across the country with 54 programs in 32 states and the D...
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