Money from a $40 million higher education incentive fund should begin flowing within weeks now that the Board of Regents has signed off on spending plans submitted by colleges. The Associated Press reports approval from the Regents’ executive committee today was the final step before the colleges could receive the money.
The dollars from the Workforce and Innovation for a Stronger Economy, or WISE, Fund will be used to bolster programs that fill high-demand jobs.
Lawmakers earmarked $3.5 million to specific projects. The remaining money was divvied up through a formula decided by a council of Louisiana college, economic development and labor officials. The LSU System gets the largest share of the formula money, at $12.9 million. The Southern University System gets $2 million, the lowest amount. According to Barbara Goodson, Regents’ deputy commissioner for finance and administration, the campuses should be able to draw down funds in the upcoming weeks.
“Now that the plans have been approved, schools may aggressively begin working towards meeting the goals set within the implementation plans,” says Goodson in a prepared statement.
