REP FC 055 2019/10/01 2018-2020 - Laserfiche WebLink

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REPORT OF THE COMMITTEE ON FINANCE DATE: October 1, 2019 Re: Comm. No. 495/Res. No. 323-19 PLACE: Council Chambers Kailua-Kona, Hawai'i TIME: 4:55 p.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Resolution No. 323-19, reports as follows: Resolution No. 323-19 transmitted by Finance Director Deanna Sako, via Communication No. 495 dated September 13, 2019, authorizes the acceptance of a grant award of$100,000 from Hawaii Community Foundation to fund the Hoowaiwai Financial Empowerment Center for Hawaii Island Pilot Program. This resolution accepts a grant award from Hawaii Community Foundation for the Ho'owaiwai Financial Empowerment Center for Hawaii Island Pilot Program. The program would provide free, one-on-one professional financial counseling and other related services and resources to Hawaii County residents. Executive Assistant to the Mayor Sharon Hirota explained this resolution is to accept a grant from Hawaii Community Foundation to help with the cost of implementing and setting up a Financial Empowerment Center (FEC) on Hawaii Island. In November of 2018 the County applied and was accepted into the pilot program and given a $20,000 grant to help the County with the planning process. Ms. Hirota stated they are approaching the end of the planning process and will be submitting an application back to the FEC requesting continued support of the program. Part of the application requires that matching funds be raised by the County. Hawaii Community Foundation has committed $100,000, and the Administration will provide an additional $350,000 over the next two years. With this funding, the FEC will provide additional grant monies in the amount of$150,000. Once the application is submitted, it goes through the approval process and, as long as the County demonstrates its commitment to raise the required monies, Hawaii Community Foundation will match the $150,000. Ms. Hirota stated they have met with community partners and decided to utilize a network approach which will increase the capacity of two partners who are already on island delivering such services. The first is Hawaiian Community Assets, with offices in Hilo and Kona; and the second is Hawaii First Federal Credit Union, with offices in Waimea and Hilo. Both organizations have committed to setting up pilot programs in other parts of the island to deliver services. The other partner is Hawaii Community College Advance who is working to build the financial curriculum and will be the trainer for the island. Ms. Hirota stated that free financial counseling and workshop service will be provided to all community members regardless of their income level. The goal is to provide everyone on Hawaii Island access to these services. FC Report No. 55