Workforce Training Fund Balances
[ index ]
| The Workforce Training Fund, authorized in section 2RR of Chapter 29 of the M.G.L. and administered by the Executive Office of Labor and Workforce Development, provides employers with matching grants of up to $250,000 or more to help train new and incumbent workers. The Workforce Training Fund is a state fund enacted into law in July 1998 and financed entirely by Massachusetts employers. The Workforce Training Fund in fiscal year 2007 was financed by an employer surcharge of $8.40 per employee, as part of their overall unemployment insurance contribution. The flat rate Workforce Training Contribution is 0.06% of the taxable wages in calendar year 2008. This payment, which is in addition to the Unemployment Insurance contribution payment, is deposited in the Workforce Training Fund which is used to award grants to companies to provide workforce training and education programs for incumbent workers. Annual state revenues from employer contributions total approximately $21 million, and state appropriations for competitive training grants are continually rolled forward into future fiscal years to provide for multiple-year grant awards. | |||
| FY07 | FY08 | FY09 | |
|---|---|---|---|
| Beginning Fund Balances | 15.1 | 1.5 | (21.3) |
| Taxes | 21.4 | 22.0 | 21.0 |
| Departmental Revenues | |||
| - Miscellaneous | 0.1 | 0.0 | 0.0 |
| Consolidated Transfers | (0.5) | (0.6) | (0.6) |
| Total Revenues | 21.0 | 21.4 | 20.4 |
| Total Available | 36.0 | 22.9 | (0.9) |
| Labor & Workforce Development | 34.5 | 44.2 | 21.0 |
| Total Expenditures | 34.5 | 44.2 | 21.0 |
| Transfers to Other Funds | 0.0 | 0.0 | (21.9) |
| Ending Fund Balances | 1.5 | (21.3) | 0.0 |
top of page