Rochester outlines "Our Future Fund" children's savings accounts; seeks private and grant funding

Angela Rollins and Madeline Bridal of the mayor's Office of Financial Empowerment presented the city’s proposed children’s savings account (CSA) program, called Our Future Fund, to the People, Parks and Public Works Committee, outlining a universal, automatic enrollment for Rochester City School District kindergartners and a plan to seek external funding to start the program.

The presentation said the program would open an account for every kindergarten student in the Rochester City School District (RCSD), place a $50 seed deposit in each account and add a $100 equity bonus for children from the highest-poverty households. The proposal includes action-based bonuses — modest deposits tied to participation in activities such as obtaining a library card, attending health screenings, or completing free tax preparation — plus ongoing age-appropriate financial education and opportunities for parents to contribute if they choose.

“Children’s…