Board of County Commissioners approves Commissioner Higgins’ legislation to allocate $500,000 to Future Bound Miami

MIAMI-DADE – On Oct. 8, the Miami-Dade Board of County Commissioners approved Commissioner Eileen Higgins’ item to allocate $500,000 to Future Bound Miami, a program that gives Miami-Dade County Public School Children access to a no-fee savings account in their name through the South Florida Educational Federal Credit Union. Over time, the Children's Savings Accounts (CSAs), which are deposit-only, grow through family contributions and earned incentives, and help children and families build savings for the future.

“By contributing additional seed funding to the Future Bound Miami program, and leveraging it with contributions from the private sector, we are helping to address economic disparities in our County, helping to make our community stronger and more economically resilient. Research has proven that these accounts have a positive impact on early childhood development and academic performance, increase future financial capability, and reduce the racial wealth gap," said Commissioner Higgins. "By investing in our children, we're investing in the future of Miami-Dade."

In June, Commissioner Higgins hosted a presentation on Children’s Savings Accounts at the Community Disparities Subcommittee meeting, of which she serves as Chair. Following the presentation, the Subcommittee moved to allocate the $500,000 to expand the program countywide and seed either $25 or $50 for incoming kindergarteners, depending on if they receive free and reduced lunches.

“Yesterday’s vote to invest in the future of our youth is a big step forward in reducing Miami-Dade’s wealth gap,” said Commissioner Daniella Levine Cava, a member of the Community Disparities Subcommittee. “I am a long-time advocate of CSAs because we know they improve early childhood development and academic performance, raise the college expectations of children and parents, and improve the financial future of our children. The adoption of this resolution is the crowning achievement of the implementation of the Prosperity Report, of which I am the proud sponsor and brought to our Subcommittee on Disparities that ultimately introduced funding this countywide initiative. I thank Commissioner Higgins for her leadership and my former nonprofit Catalyst for their vision.”

With funding from the City of Miami, the Future Bound Miami program launched last year in 30 Miami-Dade County Public Schools. With the County's allocation, and contributions from the private sector, the program can expand countywide by the 2023-2024 school year.