City Commission Passes Child Savings Account Program
Published on January 24, 2019
(Miami, FL January 24, 2019) - Today, the City of Miami Commission approved Mayor Suarez’s measure to establish 2,400 Child Savings Accounts (CSA). This decision allocates $120,000, along with seed funding of a $50 deposit towards each CSA for incoming Kindergarteners in the City of Miami.
“To create a true pathway to prosperity, we must set up our future leaders for success,” said Miami Mayor Francis Suarez. “Today’s decision does just that by providing our youth with the gift of educational empowerment and the promise of a brighter future. I look forward to seeing the City of Miami continue to serve as the leading city in Florida on this initiative.”
CSAs are long-term savings accounts that provide incentives to help school-age children and their families build savings to help offset the cost of postsecondary education in the future. Accounts are opened when children enter Kindergarten and are accessible upon high school graduation. The City of Miami, as an early investor, will help grow these accounts into the largest CSA program, as well as create the framework needed to expand it countywide.