Board of Estimate & Contract
RESOLVED that an ordinance adopted by the City Council on November 21, 2023, and signed by the Mayor on November 22, 2023, authorizing the Mayor to accept a grant in the amount of $150,000.00 from Cities for Financial Empowerment Fund and execute a technical assistance service agreement with said organization to establish the Mount Vernon Financial Empowerment Center within the City of Mount Vernon, be and the same is hereby approved.
City Council
AN ORDINANCE AUTHORIZING THE MAYOR
TO ACCEPT A GRANT FROM CITIES AND EXECUTE
A TECHNICAL ASSISTANCE SERVICE AGREEMENT
FOR THE ESTABLISHMENT OF THE MOUNT
VERNON FINANCIAL EMPOWERMENT CENTER
WHEREAS, by letter dated November 14, 2023, the Commissioner of the Department of Planning and Community Development has requested legislation be enacted authorizing the Mayor to accept a grant from Cities for Financial Empowerment Fund in the amounts of $150,000 and execute a technical assistance service agreement with said organization to establish the Mount Vernon Financial Empowerment Center within the City of Mount Vernon; and
WHEREAS, the City of Mount Vernon has prepared an implementation proposal to establish and operate a Financial Empowerment Center (FEC) in collaboration with Cities for Financial Empowerment Fund (CFEF) and Mercy University; and
WHEREAS, the City has participated in a year-long process to prepare the FEC implementation proposal, requesting a grant of $150,000 from Cities for Financial Empowerment Fund to support the operation of the FEC; and
WHEREAS, in anticipation of receiving the grant, the City requests approval to enact legislation authorizing the Mayor to accept the grant and execute a technical assistance service agreement with Cities for Financial Empowerment Fund; and
WHEREAS, the FEC will provide free, professional, one-on-one financial counseling and coaching to residents, managed by Mercy University with support from federal funds, the Cities for Financial Empowerment Fund grant, and the African American Mayors Association; NOW, THEREFORE, BE IT RESOLVED THAT
The City of Mount Vernon, in City Council, convened, hereby ordains, and enacts:
Section 1: Authorization to Accept Grant and Execute Agreement. The City Council hereby authorizes the Mayor to accept grants from Cities for Financial Empowerment Fund in the amount of $150,000 and execute a technical assistance service agreement with said organization to establish the Mount Vernon Financial Empowerment Center within the City of Mount Vernon.
Section 2: FEC Operational Budget. The FEC’s operational budget for two years, totaling $580,000, shall be funded through $400,000 in federal funds from the City's American Rescue Plan Act budget, $150,000 grant from Cities for Financial Empowerment Fund, and $30,000 from the African American Mayors Association.
Section 3: FEC Management. Mercy University is authorized to manage the FEC and hire and train three full-time employees. The FEC will become operational in February 2023 after staff training and facilities are set up.
Section 4: Oversight and Promotion. The Department of Planning and Community Development will oversee the initiative, work with community and nonprofit partners to promote services, and establish partnerships with local service providers.
Section 5: Effective Date. This ordinance shall take effect upon its approval by the Board of Estimate & Contract.