The Shreveport City Council is set to pass a resolution at its Tues. Sept 28 meeting authorizing Shreveport Mayor Adrian Perkins to execute a Memorandum of Understanding (MOU) to establish a Shreveport Guaranteed Income Pilot Program. The other parties to the MOU are the Mayors for a Guaranteed Income (MGI) and the United Way of Northwest Louisiana.
This program will be initially funded by $500,000 from the MGI and matching funds of $450,000 from other non-city sources for a total of $950,000.
This program will pay a random selection of up to 110 Shreveport citizens $600 per month for a year. Participants must be single parents with incomes not to exceed 120% of the federal poverty level. Half (50%) of the participants will be selected from the poorest zip codes which include 71101, 71103, 71107, 71108, and 71109.
The monthly payments are made directly to individuals much like the federal Child Tax Credit payments of $300 per month that began July 15. These funds are unconditional in the sense that there are no strings attached and no work requirements. The payments are meant to supplement rather than replace existing social safety nets.
Program participants will have access to financial counselors for one-on-one counseling to help them better manage their finances, pay down debt, increase savings and more effectively budget. The city will issue bank cards for unbanked program participants.
Data will be collected on the spending of the funds to determine the improvement in income/employment and financial stability of program participants. The program will also monitor the change in the mental and physical health of participants as well as changes in behavior, school attendance and academic performance of participant’s school aged children.
Perkins is expected to actively seek additional funds from public, philanthropic and private sources on an ongoing basis to continue the program after the first year. Perkins will announce the launch of the program on Oct. 18 along with the availability of program applications.