St. Louis Aldermen raise questions over cost of financial literacy program directed at children

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ST. LOUIS (KPLR) – St. Louis City Aldermen slammed City Treasurer Tishaura Jones saying she spent more to administer a program for kids than what was actually delivered to the kids.

The treasurer’s office runs a financial literacy program directed at children in the City of St. Louis.

Part of their effort is setting up bank accounts for kindergartener in the St. Louis Public School District.  Fifty dollars is put into students’ accounts as seed money to convince them of the value of saving for college.

Aldermen learned in budget hearings about the administrative cost of running the program and many didn't like what they heard.

Alderman Steve Conway, who is the Chairman of the Ways and Means Committee, says $175,000 was spent on kids directly, but he says it cost $190,000 to administer the program.

We asked Tishaura Jones for a sit-down interview to explain this program. We haven't heard back.