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Meeting Date:
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1/24/2019 - 6:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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1. Action on a Request to Approve a Memorandum of Understanding Between Milwaukee Public Schools and the City of Milwaukee Regarding the Fund My Future Milwaukee Program (FMFM) and College Savings Accounts
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Strategic Plan Compatibility Statement:
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Goal 1 Academic Achievement Goal 2 Student, Family and Community Engagement
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Attachments
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1. MOU:CSA
2. Fund My Future Executive Summary
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File Attachment:
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Background:
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In January 2018, a presentation was brought before the Milwaukee Board of School Directors regarding the potential for implementing a children's savings account program in Milwaukee. The presentation was jointly supported by the MPS Administration and City of Milwaukee Leadership. At that time, information was shared regarding national children's savings account models as a strategy to support the academic success of Milwaukee's children and ultimately grow the City's workforce.
Since that time, the district has worked closely with the City of Milwaukee regarding the Fund My Future Milwaukee Program. The key feature of the program is providing Milwaukee kindergarteners with a college savings account (CSA) with an initial seed deposit of $25. Research over the last 15 years has shown this small investment encourages children to form a college bound identity. Implementing the Fund My Future Milwaukee Program for MPS students during the early foundational years clearly supports the district's efforts to increase academic achievement and accountability and ensure college and career readiness for all students.
The district has worked with the City of Milwaukee to develop the attached Memorandum of Understanding (MOU) to allow K5 students in ten MPS schools to participate in the Fund My Future Program for the 2018-19 school year.
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Fiscal Impact Statement:
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Funds in the amount of $50,000 as detailed in the agreement to support the district's contribution to support the Fund My Future Milwaukee program have been set aside in the FY19 budget.
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Implementation and Assessment Plan
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Upon approval by the Board, the Administration will work with the City of Milwaukee to implement the Fund My Future Milwaukee Program during the 2018-19 school year at 10 MPS schools for the beginning with K5 students.
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Recommendation:
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Your Committee recommends that the Board approve the attached Memorandum of Understanding between Milwaukee Public Schools and the City of Milwaukee to support the Fund My Future Milwaukee Program.
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Approvals:
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Recommended By:
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Signed By:
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer
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