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Supervisors debate 'Kids to College' kindergarten savings pilot as DCYF, treasurer outline mechanics and costs
Summary
DCYF and the Treasurer presented a pilot to deposit $50 into college-savings accounts for 1,100 kindergartners in year one; supervisors pressed for clearer bank arrangements, funding breakdown, Prop H applicability and the split between startup staffing costs and direct family deposits.
The Budget & Finance Committee heard detailed presentations on a proposed "Kids to College" pilot program that would create college-savings accounts for kindergarten students in San Francisco public schools.
Taris Madison, DCYF budget director, and DCYF Director Maria Sue described a pilot that would place an initial $50 deposit in accounts for kindergarteners, with an additional $50 available to families who submit free/reduced lunch applications. DCYF said the pilot would target about 25 percent of incoming kindergartners in year one (approximately 1,100 of 4,200 total kindergartners), with a planned ramp-up that could reach all 4,200 by year three. The program is intended to pair a modest city seed deposit with family contribution incentives and philanthropic matching to change the savings dialogue in schools.
David Augusto of the Treasurer's office said philanthropic interest has already produced early commitments: he cited about $12,020,000 pledged through a nonprofit initiative for program support and $55,000 from the San Francisco Foundation "just for the first year." Treasurer staff are negotiating with multiple financial providers to make accounts universally available and easy to fund, and stressed universality so every kindergarten child would have an account.
Supervisors pressed for clarity on several points: how much of the mayor's appropriation is direct family deposits versus city staffing and infrastructure; which banks or credit unions would hold accounts; whether the program could be attached to Proposition H in-kind resources; and whether philanthropic match commitments are guaranteed. Chair Avalos and several supervisors noted the mayor's budget language showed roughly $257,000 in work-order support for the treasurer's office and questioned that only about $55,000 of that appeared to be direct deposits to families in year one, with the rest covering staffing and start-up infrastructure.
DCYF and treasurer staff said that most of the program design is still being negotiated, including bank selection, match guarantees, and exact staffing costs. They described a $120,000 city contribution earmarked for initial deposits and startup in year one, plus staffing to administer the program and outreach to families. Supervisor concerns focused on ensuring the majority of city funds would benefit families directly rather than primarily funding city staff overhead.
The committee asked DCYF and the mayor's office to refine cost details and return with a clearer funding breakdown and the MOU or work-order details identifying how public funds and philanthropic donations would be used.
