BRADENTON, Fla. – Kentucky has received an abundance of local proposals for its $100 million bond-financed work-training initiative.
The new program received 112 project pre-applications seeking $510 million, the Education and Workforce Development Cabinet announced Monday.
"Local business, education and community leaders across the Commonwealth have expressed great enthusiasm for this initiative," said Education and Workforce Cabinet Secretary Hal Heiner. "They appreciate that unlike traditional top-down government mandates, this program provides communities the opportunity to identify their individual needs and to develop grassroots, sustainable solutions."
Launched last month, the Kentucky Work Ready Skills Initiative is designed to develop a "highly trained, modernized workforce" that will meet employers' needs and boost the incomes of Kentuckians.
The public-private partnership teams businesses with high schools, technical schools and colleges to develop the programs where they are needed at the local level.
Individual project funding requests for what the state plans as the first round of financing ranged from $40,000 to $28 million, according to the Education and Workforce Development Cabinet.
Proposals came from each of the 10 workforce areas designated in the state, and addressed many key industry sectors, including manufacturing, health, technology, transportation and trades, officials said.
Applicants must provide up to a 10% cost match for their proposals.
"The response to this program has been truly astounding," said Gov. Matt Bevin. "It dramatically underscores both the needs of our private sector employers and the willingness of our educational institutions and community partners to address those needs."
A nine-member Work Ready Skills Advisory Committee will review the pre-applications that were submitted early next month and invite successful proposers to submit a full project application.
The committee will include cabinet secretaries for Education and Workforce Development, Economic Development, and Labor, as well as the chair of the Kentucky Workforce Innovation Board, three employers nominated by the governor, one member nominated by the president of the Senate, and a member nominated by the speaker of the House.
Ryan Barrow, executive director of the Office of Financial Management, has said it is not yet clear if all $100 million of bonds will be issued at one time or in several tranches.
The issuance schedule will be determined after projects are selected later this year, and the finance plan will be driven by cash flow needs, he said. The bonds will be backed by revenues from the state's general fund.
