MN HF4555

Appropriates $1,000,000 from the general fund to the Department of Education in fiscal year 2023 for a matching grant to the Saint Paul and Minnesota Foundation.

Grant funds must support a children's asset building program that creates a savings account for every child born to a St. Paul resident during the funding period and provides financial education for families on college and career pathways.

Grant money must be matched with funding from nonstate sources.

Saint Paul and Minnesota Foundation must submit a report by February 15, 2025 to the commissioner of education and relevant legislative committees detailing program design, outcomes, funding, financial education activities, and marketing and outreach efforts.

This is a onetime appropriation available until June 30, 2025.