Recommendation to request City Manager to report back regarding Social Impact Bonds and provide recommendations to the City Council for the implementation of any policy reforms or additional programming that is consistent with the goals that this opportunity could provide.
Okay. Next item is consent. Cut done. Item 1010 Communication from Councilwoman Price Council Member Super or not and Council Member Wodonga. Recommendation to request the City Manager to report back regarding social impact bonds. There's a motion and a second. Councilman Price. Thank you, Mr. Mayor. I know it's late in the night, but this is kind of an exciting request for a report. And I just want to talk about some of the highlights with my colleagues. So I'm bringing this item forward because more and more governments are experiencing cash flow problems and they're unable to commit the necessary funds to pay for proposed solutions to urgent problems, problems such as homelessness or job placement or housing. The inability to find solutions leads oftentimes to stagnation in the way that we confront issues and limits our ability to try new ideas. Social impact bonds are pay for success type projects, and they represent one component of a rapidly growing field of innovative finance aimed at helping local governments fund critical social programs through a combination of government initiation, private investment, and a nonprofit implementation in the social impact bond model, the private sector works with governments and philanthropies to fund critical prevention focused social programs that help address some of the municipalities most pressing problems. They've had a wide range of possible applications and have been used for different issues throughout the country, such as prisoner reentry programs, pre-K services, feasibility analyzes, parenting support and substance abuse treatment for families involved in the child welfare system, supportive housing for chronically homeless individuals, and many other issues. Under these models, financial risks shift from the government payers to individuals and organizations willing to invest in scaling up a successful program to achieve greater social impacts with a willing coalition, which I believe we might have in Long Beach, the definitions and measuring success becomes critical components of making these initiatives work. I know that Kelly Colby from our health department. Oh, she's here, she's in the seat. Has done a lot of work on social impact bonds. She's actually worked with the professor at the Ah Nos, the professor at the Harvard Business, Harvard Kennedy School of Public Policy, where they have implemented social impact bonds in a number of municipalities in Boston and Denver. They've implemented ones for homelessness. And so I'm hoping that we can get a report from city staff on what these bonds are and how we might be able to use them in the city of Long Beach and partnering with some of our big corporations and businesses. I know it sounds a little bit abstract talking about it right now, but I want to convey to my colleagues that this is a real possibility for us to start thinking outside the box in terms of some ideas for funding these social problems that we have and helping come up with solutions. So I thank my colleagues who signed on to this item. I think it's a really great thing for us to look into. Okay, Councilmember, you bring. Thank you, Vice Mayor Richardson. When I first read this, it's it's an interesting concept, so I'd like to learn more about it. So I'm looking forward to getting back to report. Thank you. Is there any public comment on this item saying none, please cast your vote. Motion carries.