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TO: Mayor Richard C. Irvin
FROM: John Russell, grant writer
DATE: March 4, 2021
SUBJECT:
The Aurora Financial Empowerment Center is requesting City Council approval to apply for a Kane County Grand Victoria Riverboat Grant in the amount of $30,000.
PURPOSE:
The Financial Empowerment Center is seeking a grant from Kane County to assist in the staffing for the continued operation of the FEC..
BACKGROUND:
With grant assistance from the Cities For Financial Empowerment, as well as funding from the City of Aurora and several area banks and local agencies, the Financial Empowerment Center opened in a City-owned building on South River Street in April 2020. The FEC provides free, one-on-one financial guidance to low- and moderate-income residents. Since its opening, the FEC’s financial counselors have assisted more than 300 residents in finding ways to increase their savings and reduce their financial debt. The Aurora FEC has contracted with The Neighbor Project, which serves as the FEC’s primary collaborator. The Neighbor Project has a specialized expertise in helping low- to moderate-income residents buy their first home. Other partnering agencies include: African American Men of Unity, Aurora Housing Authority, Family Focus Aurora, Good Samaritan Network, Hesed House, Mutual Ground, Taking Back Our Community, Waterford Cancer Resource Center, Aurora Public Library District, Association for Individual Development, Kane County Sheriff’s Department, RITAS Ministry, VNA Healthcare, Waubonsee Community College, St. Vincent DePaul Society, World Relief DuPage, Fox Valley United Way, The Community Builders, Inc, and Two Rivers Head Start Agency..
DISCUSSION:
We are requesting $30,000 in assistance from the Grand Victoria Riverboat Fund for the staffing of financial counselors at the Aurora Financial Empowerment Center, the first and only financial counseling program of its kind in Illinois. First piloted by New York City in 2008, the FEC is now a national model that has been replicated in 23 cities across the country. The Aurora Financial Empowerment Center will continue with our fundraising efforts by building relationships with local banks, foundations, and organizations that are aligned with our mission to help guide the financial futures of our neediest residents. (The Expense Account number is 101-1304-419 and the Revenue Account is 101-1301-337-30-04)
IMPACT STATEMENT:
Providing free, one-on-one professional financial coaching to greater Aurora residents age 18 and over, the Aurora FEC has served 335 clients since late April 2020. Aurora FEC partners with clients to co-create financial goals and achieve outcomes. To date, 70% of the FEC clients live in Kane County (234 clients). In just over ten months, our clients have increased their savings by $107,915, and reduced their debt by more than $301,000; and these numbers keep rising by the day. Of the 335 clients the FEC has served to date, 62% are female and 67% are Latinx. The racial demographics are 40% White, 34% Multiracial, 15% Black, 5% Asian, and 5% Other. Many clients are bilingual in English and Spanish, but we have a growing list of clients whose primary language is neither in English nor Spanish. While all four of our Certified Financial Counselors are bilingual in English and Spanish, we can also serve clients who speak any of the 250 world languages, through United Language Group’s on-demand phone interpretation service, effectively removing the barrier of language accessibility.
RECOMMENDATIONS:
We recommend the City Council give approval for the Financial Empowerment Center to apply for a Kane County Riverboat Grant to help in the continued operation of the FEC.
cc: Public Health, Safety and Transportation Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution to allow the Aurora Financial Empowerment Center to apply for a Kane County Grand Victoria Riverboat Grant, to help with staffing of the new financial counseling program.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, Kane County is offering Grand Victoria Riverboat Grants to local communities and non-profits for projects focusing on Education, Environment and Economic Development; and
WHEREAS, the Financial Empowerment Center began serving local low- to moderate-income families in April 2020, offering free, one-on-one financial counseling. Since its opening less than a year ago, the Financial Empowerment Center has served 335 clients, helping them increase their savings by more than $105,000 and reduce their debt by more than $300,000. Approximately 70% of the FEC clients are residents of Kane County; and
WHEREAS, the Financial Empowerment Center intends to keep providing these services in the future to our residents in Kane, DuPage, Kendall and Will counties, through funding from the City of Aurora and local partnering agencies. (The Expense Account number is 101-1304-419 and the Revenue Account is 101-1301-337-30-04))
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: That the Aurora Financial Empowerment Center may pursue a grant of $30,000 from the Kane County Grand Victoria Riverboat Grant Program to assist in the continued financial counseling services to the City’s low- and moderate-income residents.