Title
Receive the Monterey County Workforce Development Board FY 2023-24 Semiannual Financial Status Report for the Workforce Innovation and Opportunity Act (WIOA) funded programs through March 31, 2024.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive the Monterey County Workforce Development Board FY 2023-24 Semiannual Financial Status Report for the Workforce Innovation and Opportunity Act (WIOA) funded programs through March 31, 2024.
SUMMARY/DISCUSSION:
Workforce Innovation and Opportunity Act (WIOA) revenues are drawn down from the State Employment Development Department (EDD) and from the U.S. Department of Labor (DOL) as expenses are incurred. Expenses are paid on a reimbursement basis from State and Federal allocations. Program expenditures are aligned with program revenue. The Workforce Development Board (WDB) received funding in two rounds for the Adult and Dislocated Worker programs. The first round of funding was received July 1, 2023 - September 30, 2023, and was 16% of the annual allocation; the second round of funding was received October 1, 2023 - June 30, 2024, and provided the remaining 84% of the allocation. Youth funding is received once annually.
The WDB has up to two years to spend down its Adult, Dislocated Worker, and Youth formula allocations. The prior year's allocation from a given funding stream must be fully expended before the current year's allocation will be made available, and allocation amounts unspent after two years are recaptured by the State. The WDB can transfer up to 100% of funding from the Adult program to the Dislocated Worker program, or from Dislocated Worker to Adult; however, based on current circumstances, funds cannot be transferred to or from the Youth program.
As the fiscal agent for regional grants, the WDB is the lead on key initiatives for the North Central Coast Regional Planning Unit (RPU) which includes the workforce development boards of Monterey, Santa Cruz, and San Benito...
Click here for full text