PRESS RELEASE: City Council Declares Support for Statewide Action on Children's Savings Account and After-School Programs

Los Angeles - Today, the Los Angeles City Council approved two Resolutions introduced by Councilmember David Ryu in support of State action on Children's Savings Account programs and funding for after-school programs. Councilmember Ryu, who chairs the Council Committee overseeing Education, has been leading the City effort to develop a Children's Savings Account program for Los Angeles Unified School District (LAUSD) students.

FOR IMMEDIATE RELEASE:  

February 27, 2019

Contact:

Mark Pampanin

mark.pampanin@lacity.org

213.407.7616

City Council Declares Support for Statewide Action on Children's Savings Account and After-School Programs

Los Angeles - Today, the Los Angeles City Council approved two Resolutions introduced by Councilmember David Ryu in support of State action on Children's Savings Account programs and funding for after-school programs. Councilmember Ryu, who chairs the Council Committee overseeing Education, has been leading the City effort to develop a Children's Savings Account program for Los Angeles Unified School District (LAUSD) students.

“The future of our City and our State will be built by our young people,” Councilmember Ryu said. “Investing in education is an investment in ourselves, and in the unlimited potential of the next generation. The two Resolutions approved today affirm the City of Los Angeles’ commitment to education, after-school programs, and Governor Newsom’s historic investments in our children's potential. I’m thrilled to see my colleagues take up these Resolutions, and stand firmly in support of our kids and the resources they need to succeed. Governor Newsom’s $50 million investment in Children’s Savings Account pilot programs comes at the perfect time for Los Angeles’ Children’s Savings Account program, which we hope to launch in 2020.”

The two Resolutions approved today, introduced by Councilmember Ryu on February 8th, declare the City of Los Angeles’ support for two State actions on education.

One Resolution calls for the State to commit an additional $113 million for After-School Education and Safety (ASES) programs across California. The State’s per capita spending on ASES programs has declined since 2006, despite increasing enrollment and costs in such programs. Without immediate additional funding, nearly one quarter of all After-School Education and Safety programs across the State will likely close by 2020.

The other Resolution declares support for Governor Gavin Newsom’s Fiscal Year 2019-20 Budget proposal to provide a one-time $50 million investment to support and implement Children’s Savings Account pilot programs. Councilmember Ryu has been working with the City and non-profit Prosperity Now to develop a Children’s Savings Account program for the City of Los Angeles since 2016. Children’s Savings Account programs, already in place in cities like San Francisco and St. Louis, provide each child with a dedicated savings account that can only be used to pay for higher education expenses, and can grow through matching funds and incentive programs. Data has shown Children Savings Account programs to be remarkably effective in boosting graduation and college enrollment rates.

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Los Angeles City Councilmember David E. Ryu represents the 4th Council District which includes Griffith Park, Sherman Oaks, Toluca Lake, Hollywood, Hollywood Hills, Los Feliz, Silver Lake, Miracle Mile, Hancock Park, Windsor Square, Larchmont and portions of Koreatown and Van Nuys.   

 


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