Workforce Training Fund Balances
[ index ]
| The Workforce Training Fund, authorized in section 2RR of Chapter 29 of the General Laws 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. It was established in July 1998, and financed entirely by Massachusetts employers. In fiscal year 2008 the Fund was financed by an employer surcharge of .075% on employees' wages, paid concurrently with payments into the Unemployment Insurance Trust Fund. Annual state revenues from employer contributions total approximately $18 million, and state appropriations for training grants are continually rolled forward into future fiscal years to provide for multiple-year grant awards. | |||
| FY08 | FY09 | FY10 | |
|---|---|---|---|
| Beginning Fund Balances | 1.5 | 18.9 | 0.0 |
| Taxes | 21.5 | 20.9 | 20.9 |
| Consolidated Transfers | (0.6) | (0.4) | (0.4) |
| Total Revenues | 20.9 | 20.5 | 20.5 |
| Total Available | 22.4 | 39.4 | 20.5 |
| Administration & Finance | 0.1 | 0.0 | 0.0 |
| Labor & Workforce Development | 25.3 | 39.9 | 21.0 |
| Total Expenditures | 25.4 | 39.9 | 21.0 |
| Transfers to Other Funds | (21.9) | (0.5) | (0.5) |
| Ending Fund Balances | 18.9 | 0.0 | 0.0 |
top of page