Aurora approves 20‑year contract with Operation Hope to launch 'Aurora Promise' children's savings accounts

The Aurora City Council on Dec. 10 authorized a contract with Operation Hope to operate a city-managed children’s savings account program, approving a resolution (240813) that authorizes the director of purchasing to enter an agreement with Operation Hope for up to $1,983,600.85 over a 20-year term to manage Aurora’s “Aurora Promise” pilot.

Councilmembers described the program as an inclusive pilot that will begin as an opt‑in initiative with two school districts and—if the pilot is successful—transition to opt‑out enrollment after approximately 18 months. City staff and Operation Hope emphasized that the Aurora Promise accounts would not require a Social Security number or ITIN to open; instead the program will use a school ID number as the identifier so children without Social Security numbers can participate. City staff said this was a principal design choice to include students who otherwise could be excluded by state-run programs that require Social Security or ITIN numbers.

Staff said the pilot will focus initially on two districts identified in the presentation (referred to in the meeting as districts 129 and 131), and the city and the vendor will execute data‑sharing agreements with those districts to verify residency and eligibility. The city noted the program is intended to be complemented by financial education and outreach through the city’s Financial Empowerment Center and by potential private-sector contributions to expand seed and incentive funding.

Council debate included discussions about whether the program duplicates state programs (Bright Start and Illinois' First Steps) and how Bright Start has lower participation among Black and Latino families; staff cited state treasurer data showing Bright Start account holders are disproportionately white and higher income. Supporters said Aurora’s program is intentionally structured to be more inclusive and better targeted at children in neighborhoods underrepresented in Bright Start. Some aldermen said the program risks “mission creep” if city staff must do extensive outreach and enrollment work; staff replied their intent is to partner with schools and Operation Hope to handle implementation and outreach.

Operational details discussed on the record included: the vendor (Operation Hope) will manage accounts through a banking partner (US Bank); the pilot is opt‑in for the first phase, with the city planning an opt‑out conversion after 18 months if readiness benchmarks are met; data‑sharing agreements with school districts will be used to verify residency and enrollment; and parents who later qualify with SSN/ITIN could roll balances into a 529 plan if desired.

The council approved the resolution authorizing the contract. The motion to approve 240813 was made by Alderman Seville, seconded by Alderman Franco. The roll call recorded 10 yes and 2 no; the resolution passed.

Supporters characterized the program as a long-term investment in educational attainment and financial literacy; opponents raised concerns about city staff capacity and whether some functions belong to school districts or state programs. Staff emphasized that Operation Hope’s model and the school-based identifier are intended to maximize inclusion for Aurora children who otherwise might be ineligible for state-managed accounts.

The city said further details will be specified in the vendor contract and in data‑sharing agreements with the participating districts before full implementation.