Check to see if the agency you have in mind has any specifications for the Title Page (often they have a required format).
Usually the Title/Cover Page includes signatures of key people in your organization (Department Head, Supervisor, Contracts Officer, etc.).
If your proposal is built on collaborating with other groups/organizations it is usually a good idea to include their names on the Title/Cover Page.
Your cover should look professional and neat. However, do not waste time using fancy report covers, expensive binding, or other procedures that may send the wrong message to the potential funding agency. You are trying to impress the potential funding agency with how you really need funding, not the message that you do things rather expensively!
The title should be clear and unambiguous (do not make it "cute").
Think of your title as a mini-abstract. A good title should paint a quick picture for the reader of the key idea(s) of your project.
The words you use in your title should clearly reflect the focus of your proposal. The most important words should come first, then the less important words. Notice that both of the following titles use basically the same words, except in a different order. The project with Title #1 appears to be focused on Red Haired Musicians. The project with Title #2 appears to be focused on Musical Style Preference. However, both projects are the same! Make sure your words are in the correct order.
Title #1 - Red Haired Musicians and their Preference for Musical Style
Title #2 - Music Style Preference of Red Haired Musicians
Try to remove words from your title that really are not necessary for understanding. Title #1 has too many words. Title #2 is just as clear but with fewer words.
Title #1 - The Systematic Development of a Local Initiative to Create a Learning Center for Community Education
Title #2 - A Local Learning Center for Community Education
Try and use only a single sentence for your title. If the sentence is getting too long try removing some words. When all else fails try using a two part title with the parts separated by a colon (use only as a last resort!). Do not attempt to use the title as an abstract of your entire proposal.