HomeMy WebLinkAbout5C1 Budget Request (Financial Empowerment Center Pilot Operations)_signedCITY OF SOUTHBEND
REDEVELOPMENT COMMISSION
G - Pres/V-Pres
Redevelopment Commission Agenda Item �/
ATTEST: U r Secretary
DATE: January 11, 2024
FROM: Sarah Schaefer
SUBJECT: Financial Empowerment Center Funding
Date: January 11, 2024
® APPROVED ❑ Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
Funding Source* circle one River West; River East; South Side; Douglas Road; West Washington; ROC General
*Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller,
then the authorization of the expenditure of such funds shall be void and of no effect.
Purpose of Request:
The Department of Community Investment requests the Redevelopment Commission's approval of
$350,000 to fund operations at the City's new Financial Empowerment Center (FEC), which will offer
no -cost, one-to-one financial counseling to South Bend residents, as well as assistance with banking,
credit, savings, and debt reduction. This will be the first FEC in the state of Indiana.
The RDC investment will fund one full-time FEC Program Manager and two full-time (or equivalent)
FEC financial counselors, as well as equipment, supplies, marketing, and other necessary operational
costs for two years, and will be supplemented by a $150,000 grant from the Bloomberg Cities for
Financial Empowerment Fund. The City anticipates a soft launch of the FEC in the last quarter of 2024,
followed by the opening of the FEC in its permanent location at the Martin Luther King Dream Center in
2025.
This funding will provide a significant municipal investment in the financial well-being of South Bend
residents.
Please do not hesitate to contact sschaefer@southbendin.govfor any additional information.
INTERNAL USE ONLY: Project Code:
Total Amount new/change (inc/dec) in budget: _350k ; Break down:
Costs: Engineering Amt: ; Other Prof Sery Amt ;
Acquisition of Land/Bldg (circle one) Amt: ; Street Const Amt
Building Imp Amt ; Sewers Amt ; Other (specify) Amt:
Going to BPW for Contracting? Y/N
Is this item ready to encumber now? Existing PO#
Inc/Dec $
EXCELLENCE I ACCOUNTABILITY ; INNOVATION ; INCLUSION ; EMPOWERMENT
1400S County -City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 ' p 574.235.9371 f 574.235.9021 www.southbendin.gov