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Saint Paul Office of Financial Empowerment outlines College Bound growth, guaranteed-income pilots and ARPA-funded local ownership fund
Summary
The Office of Financial Empowerment told the Budget Committee it has enrolled more than 15,200 families in College Bound Saint Paul, reported $3.2 million in accumulated savings, described ongoing guaranteed-income pilots with over $3.0 million distributed, and detailed a $2.5 million ARPA local fund administered by Nexus Community Partners for worker and community ownership.
Ikram Koliso, director of the Office of Financial Empowerment, told the City of Saint Paul Budget Committee that College Bound Saint Paul has enrolled more than 15,200 participants and holds about $3.2 million in combined seed deposits, program bonuses and family savings. "Our mission is to advance economic democracy that shares prosperity with all Saint Paul residents," Koliso said as she outlined five result areas that guide the office's work.
Koliso said the program's average account balance is about $215 and the largest single account exceeds $12,000, and that College Bound is expanding into elementary schools through partnership with Saint Paul Public Schools to integrate deposits and college- and career-readiness prompts into personalized learning plans. She described family deposit days,…
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