Miami-Dade
Legislative Item File Number: 161374 |
Printable PDF Format Clerk's Official Copy |
File Number: 161374 | File Type: Resolution | Status: Adopted | ||||||||||||
Version: 0 | Reference: R-558-16 | Control: Board of County Commissioners | ||||||||||||
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Requester: NONE | Cost: | Final Action: 6/21/2016 | ||||||||||||
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Sunset Provision: No | Effective Date: | Expiration Date: |
Registered Lobbyist: | None Listed |
Legislative History |
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Acting Body | Date | Agenda Item | Action | Sent To | Due Date | Returned | Pass/Fail |
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Board of County Commissioners | 6/21/2016 | 11A1 | Adopted | P | |||
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County Attorney | 6/8/2016 | Assigned | Shanika A. Graves | ||||
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Legislative Text |
TITLE RESOLUTION URGING THE FLORIDA LEGISLATURE TO ENACT LEGISLATION SUPPORTING, CREATING OR FUNDING CHILDREN�S SAVINGS ACCOUNTS BODY WHEREAS, children�s savings accounts are use restricted savings accounts established for children that are available at designated ages and for designated purposes as a way to encourage families to save for post-secondary educational expenses and other limited uses; and WHEREAS, although the rules and structure may vary, the typical model for children�s savings accounts is the same � a long term savings account funded by a private, governmental or charitable organization is opened for a young child in the child�s name with the goals of providing a source to help pay for post-secondary education and more opportunities to build wealth throughout the child�s life; and WHEREAS, according to a 2010 study from the Center for Social Development at Washington University, children with savings accounts 1) perform better academically, especially in math and reading, 2) are seven times more likely to matriculate and complete college, 3) are less likely to accrue financial debt from higher education, and 4) have a better understanding of fiscal matters, which improves their long term financial stability; and WHEREAS, the State of Maine launched the nation�s first statewide children�s savings account program in 2008; and WHEREAS, in Maine, birth records, currently, trigger the automatic creation of the children�s savings accounts, which are seeded with a $500 grant from a private foundation; and WHEREAS, a number of states, including Colorado, Connecticut, Mississippi, Nevada, Oklahoma, Rhode Island and Vermont, have also launched versions of children�s savings account programs, which do not use state funds, but instead rely on partnerships between governmental agencies, philanthropic institutions or private entities for funding; and WHEREAS, additionally, an increasing number of municipalities and counties have created and/or are administering children�s savings accounts programs, for instance, the City of Lansing and Barry County in Michigan; San Francisco, California; Cuyahoga County, Ohio; and Wabash and several other counties in Illinois have programs that establish children�s savings accounts for children based on school registration; and WHEREAS, the majority of children�s savings account programs incentivize additional deposits after the account is established by offering funding matches, tax exemptions and/or deductions and deferrals on earnings; and WHEREAS, research shows that having a dedicated source of savings for postsecondary education can have a powerful impact on a child�s future aspirations and his or her educational attainment; and WHEREAS, creating and funding children�s savings accounts is a critical step toward establishing a dedicated source of savings for all eligible children, helping to eliminate many barriers to and encouraging increased saving, promoting responsible financial behavior and influencing economic stability and mobility; and WHEREAS, children�s savings accounts also expand children�s economic and educational opportunities by encouraging post-secondary education, long-term financial planning and literacy and building family wealth; and WHEREAS, on December 15, 2015, this Board adopted Resolution R-1162-15, which urged Congress to adopt H.R. 4045, by U.S. Representative Joseph Crowley (D-New York) and U.S. Representative Keith Ellison (D-Minnesota); and WHEREAS, H.R. 4045 would create children�s savings accounts, named USAccounts, at birth for all children in the United States; and WHEREAS, the legislation to create USAccounts proposed to require USAccounts be opened automatically for every newborn, in the child�s name, with a deposit of $500 from the federal government; thereafter, annual deposits of up to $500 would have been matched for children from lower-income families and families eligible for Child Tax Credits who contributed to their children�s account would have also been entitled to an additional annual match up to $500; and WHEREAS, on May 17, 2016, this Board voted to include Resolution No. R-1162-15 as one of the County�s federal legislative priorities and directed its federal lobbyists to advocate for the passage of legislation establishing children�s savings accounts or USAccounts; and WHEREAS, H.R. 4045 has not received a committee hearing, and, as such is unlikely to be adopted before the end of the 114th Congress; and WHEREAS, this Board adopted Resolution No. R-454-15, urging the Florida International University Metropolitan Center to conduct an analysis and prepare a report on the feasibility of implementing a community-based prosperity strategy for Miami-Dade County on May 19, 2015; and WHEREAS, on May 25, 2016, the �Prosperity Initiatives Feasibility Study,� was released and included a recommendation to implement a children�s savings account program in Miami-Dade County as a tool to expand economic prosperity in the community; and WHEREAS, the Florida Legislature should consider the overwhelming evidence pertaining to the significant impact that children�s savings accounts can have on the lives of children and join the growing number of states that have enacted legislation to create children�s savings accounts; and WHEREAS, creating a statewide children�s savings account program for children born in or attending school in the State of Florida would provide children in the state, especially the most vulnerable, with the opportunity to build a solid financial foundation and the means to finance post-secondary education, which could affect the course of his or her future and present more Floridians with the prospect of becoming financially secure, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board: Section 1. Urges the Florida Legislature to enact legislation to support, create or fund children�s savings accounts. Section 2. Directs the Clerk of the Board to transmit a certified copy of this resolution to the members of the Miami-Dade County Congressional Delegation, the Governor, Senate President, House Speaker, and the Chair and Members of the Miami-Dade County State Legislative Delegation. Section 3. Directs the County�s state lobbyists to advocate in favor of the legislative action set forth in Section 1 above, and authorizes and directs the Office of Intergovernmental Affairs to include this item in the 2017 State Legislative Package when it is presented to the Board. |
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