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Workforce Training & Economic Development Fund

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The Workforce Training and Economic Development (WTED) Fund was established in 2003 as part of the Grow Iowa Values Fund.  This fund has become an important source of financing for community college new program innovation, development, and capacity building, particularly for career and technical education.  The funding is allocated annually using the community college state general aid distribution formula as provided for in Section 260C.18A of the Iowa Code.
 
The monies in the Workforce Training and Economic Development Fund may be used to support the following community college programs:   
 
• Career Academies
• Career & Technical Education (CTE) Programs
• Entrepreneurship Education & Small Business Assistance
• General training, retraining and educational initiatives for targeted industries
 
There are also other programs with separate funding sources which can be supplemented through WTED, they are:
 
• Accelerated Career Education (ACE) Infrastructure (260G)
• GAP Tuition Assistance Program (260I)
• Iowa Jobs Training (260F)
• National Career Readiness Certification (NCRC)
• National Advanced Manufacturing Certification (NAM)
• Pathways for Academic Career & Employment (PACE) (260H)
 
The WTED fund requires application of 70  percent of appropriated funds be used to support projects, programs and initiatives that fall within Iowa’s targeted industry clusters defined in statute as advanced manufacturing, information technology and insurance, alternative and renewable energy, and life sciences  which include the areas of biotechnology, health care, and nursing technology.  
 
Each community college is required to provide the Iowa Department of Education the opportunity to review and comment on proposed use of the funds and to provide an ongoing accountability process.  Each year an annual progress report and plan for the next year, outlining the proposed use of the dollars appropriated, are to be submitted to the Iowa Department of Education.  Unexpended funds may be carried over to the next fiscal year, however carryover must be noted in the annual progress report and annual plan’s appropriate sections with a documented reason for the carryover, if applicable.  The colleges have the flexibility to modify their plans as needed during the year without approval.  For more information or specifics relating to the WTED fund, please refer to the “Iowa Community Colleges, Workforce Training and Economic Development Fund Guide”.

 

Printed from the Iowa Department of Education website on April 27, 2015 at 2:21am.