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Q&A
Discussion on NYC Kids Rise program funding and future
1:04:28
ยท
80 sec
Council Member Julie Menin inquires about the future of the NYC Kids Rise program, expressing concern over a $2,300,000 reduction in funding. Commissioner Vilda Vera Mayuga responds, explaining that while there was a reduction in administrative funding, the contribution to individual accounts was not compromised.
- The program has seeded close to 280,000 students with college savings accounts
- The funding reduction was described as 'right-sizing' the administration of the program
- No information was available about potential restoration of the reduced funding
Julie Menin
1:04:28
Great.
1:04:28
Thank you.
1:04:29
So I know that council member Krishnan asked about NYC Kids Rise and I do have a question on that because as you know, was very proud to create that program almost nine years ago.
1:04:38
We've now seeded close to 280,000 students with a college savings account which is just incredible.
1:04:46
But I am concerned about the peg to the program of $2,300,000 and what that will mean for the future of the program.
1:04:53
Can you talk a little bit about that?
Vilda Vera Mayuga
1:05:06
Thank you.
1:05:06
Thank you, council member.
1:05:08
Agree.
1:05:08
It's an important program, and as you heard, it's always something that we're partnering with because of the financial empowerment component.
1:05:15
We both, New York City Kids Race and the city through us, DCWP cares very much about it.
1:05:21
The PEG, yes, it resulted in that reduction of funding for NYC Kids Race.
1:05:26
The amount, the contribution was not compromised.
1:05:29
All of the accounts were still funded at the amount that the city has been committed, and so it was more about right sizing the administration of the program as it pertains to the money that they were receiving through us.
Julie Menin
1:05:41
And any update on any kind of restoration of that moving forward?
Vilda Vera Mayuga
1:05:45
I'm not aware of any at the moment.