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ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN AUTHORIZING THE CITY OF NEW HAVEN (MAYOR OR CONTROLLER) TO ENTER A CONTRACT WITH CAHS/ACT FOR THE OPERATIONAL DUTIES OF THE FINANCIAL EMPOWERMENT CENTER IN AN AMOUNT NOT TO EXCEED $225,000.00 (TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS), EFFECTIVE JULY 1, 2024 TO JUNE 30, 2025. THIS VENDOR WILL PROVIDE CERTIFIED FINANCIAL COUNSELORS TO FACILITATE FINANCIAL COUNSELING SESSIONS, CONDUCT FINANCIAL WORKSHOPS AND SEMINARS WITHIN THE NEW HAVEN COMMUNITY, PARTICIPATE IN COMMUNITY EVENTS AND CONDUCT OUTREACH ACTIVITIES.
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WHEREAS, the City of New Haven through its Financial Empowerment Center (FEC) seeks to improve the financial status and stability of local residents by one-on-one financial counseling, financial education, and workshops, money management, debt reduction, budgeting, establishing and improving credit, accessing safe and affordable banking services; and,
WHEREAS, local residents face financial insecurities and lack of resources due to mismanagement of income, lack of education to appropriately manage resources, unemployment, and underemployment which often lead to food insecurity, utilities being shut off, homelessness due to eviction, delinquent debt, non-payment of monthly bills, etc. These circumstances have a negative impact on the stability of family life, basic needs, the ability to achieve financial freedom and self-sufficiency; and,
WHEREAS, financial counseling services have been successfully utilized with local residents by providing financial literacy, decreasing debt-to-income ratio, debt repayment tools, increasing Net income, and learning spending habits while tracking spending on a monthly basis, with the following outcomes: increase of credit score by 35 points, decrease dent by 10%, budgeting income, opening a safe and affordable banking/ credit union account, and increase savings for the future; and,
WHEREAS, the FEC believes financial counseling sessions will provide much-needed support and education to New Haven residents and employees of the City of New Haven; and,
WHEREAS, the City of New Haven released a request for proposal using ARPA funding to identify the contractor that will operate the Financial Empowerment Center. During the review process, the vendor chosen by the review panel was CAHS/ACT; and,
WHEREAS, CAHS/ACT is a non-profit organization with multiple locations throughout the state of CT that provides residents with an array of financial education and services, it can assist the work and goal of the FEC while making an impactful contribution to the community; and,
WHEREAS, CAHS/ACT has agreed to provide the FEC with three nationally certified financial counselors; and,
WHEREAS, the Financial Empowerment Center is a national program that encourages the collaboration of a municipality and a local non-profit organization. Its mission is to help residents achieve financial freedom and stability through tips and tricks taught to them by Nationally Certified counselors; and,
WHEREAS, the City of New Haven is grateful to provide this contract to CAHS/ACT.
NOW, THEREFORE BE IT ORDERED THAT the Board of Alders of the City of New Haven supports resources that educate and support the financial stability and self-sufficiency of the New Haven residents.
BE IT FURTHER ORDERED THAT the Board of Alders of the City of New Haven authorizes the Mayor or Controller to enter into a one-year agreement with CAHS/ACT using ARPA funding. The contract is not to exceed $225,000 to operate the Financial Empowerment Center effective July 1, 2024 to June 30, 2025 depending on Board of Alders approval.