HF 4555

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/23/2022 10:40am

A bill for an act
relating to early childhood; appropriating money for a grant to support savings
accounts for children in St. Paul.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION; CHILDREN'S ASSET BUILDING PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Department of Education. new text end

new text begin The sum indicated in this section is
appropriated from the general fund to the Department of Education in the fiscal year
designated.
new text end

new text begin Subd. 2. new text end

new text begin Children's asset building program. new text end

new text begin (a) For a matching grant to the Saint Paul
and Minnesota Foundation to support a children's asset building program that: (1) creates
a savings account for every child born to a resident of the city of St. Paul during the time
period for which funds are available; and (2) supports financial education for families on
their child's college and career pathway:
new text end

new text begin $ new text end

new text begin 1,000,000 new text end

new text begin ..... new text end

new text begin 2023 new text end

new text begin (b) Grant money provided under this subdivision must be matched with money from
nonstate sources.
new text end

new text begin (c) By February 15, 2025, the Saint Paul and Minnesota Foundation must submit a report
on the children's asset building program to the commissioner of education and to legislative
committees with jurisdiction over early care and learning. At a minimum, the report must
provide a detailed review of the program's design and features, including program outcomes,
funding, financial education programming activities, and program marketing, outreach, and
engagement activities.
new text end

new text begin (d) This is a onetime appropriation and is available until June 30, 2025.
new text end