Board of Estimate & Contract:
RESOLVED, that an ordinance adopted by the City Council on March 13, 2024, and signed by the Mayor on March 14, 2024, authorizing the modification of the Mount Vernon American Rescue Plan Appropriations Budget (transfer $110,000 from the Mayors for Guaranteed Income budget line A8020.458ARP Project ID NEI-003 to the ARPA Mount Vernon Financial Empowerment Center budget - A8020.458ARP Project ID NEI-007), be and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE
MODIFICATION OF THE MOUNT VERNON
AMERICAN RESCUE PLAN APPROPRIATIONS BUDGET
Whereas, by letter dated March 5, 2024, the Commissioner of the Department of Planning & Community Development has requested legislation authorizing the City of Mount Vernon to modify the Mount Vernon American Rescue Plan Appropriations budget to transfer $110,000 from the Mayors for Guaranteed Income budget line A8020.458ARP Project ID NEI-003 to the ARPA Mount Vernon Financial Empowerment Center budget - A8020.458ARP Project ID NEI-007; and
Whereas, the City of Mount Vernon seeks to enhance financial empowerment and support financially vulnerable residents through the establishment of the Financial Empowerment Center (FEC); and
Whereas, the FEC model, providing free, professional, one-on-one financial counseling and coaching, is designed to assist Mount Vernon residents in navigating financial challenges exacerbated by the COVID-19 pandemic; and
Whereas, the City has allocated funds from various sources, including the American Rescue Plan Act (ARPA) and grants from the Cities for Financial Empowerment (CFE) Fund and the African American Mayors Association, to support the operation of the FEC; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain, and enact:
Section 1. Budget Modification. The Mount Vernon American Rescue Plan Appropriations budget shall be modified to transfer $110,000 from the Mayors for Guaranteed Income budget line A8020.458ARP Project ID NEI-003 to the ARPA Mount Vernon Financial Empowerment Center budget - A8020.458ARP Project ID NEI-007.
Section 2. Purpose. The additional funding of $110,000 will complete the required funding to operate the Financial Empowerment Center for two years. This investment will support the provision of free, professional, one-on-one financial counseling and coaching to Mount Vernon residents, thereby aiding in their financial stability and resilience.
Section 3. Total Investment. With the additional $110,000, the total investment in the Financial Empowerment Center will amount to $690,000, ensuring the center's operation for two years as a key public service to financially vulnerable residents.
Section 4. Implementation. The City Administration is hereby authorized to effectuate the necessary budget modifications and allocations to ensure the timely operation and sustainability of the Financial Empowerment Center.
Section 5. Effective Date. This ordinance shall take effect immediately upon its approval by the Board of Estimate & Contract.