LSU will be able to tap into nearly $14.5 million for high-demand fields through the state’s newly-created WISE Fund, the state’s community and technical colleges stand to get nearly $12 million through it, and the University of Louisiana System’s campuses will be reaping about $11.4 million.
Leaders on Monday agreed to a distribution formula for the $40 million Workforce and Innovation for a Stronger Economy Fund, or WISE Fund, after weeks of hashing out details that would determine how much each system stood to get. The fund was created during this year’s legislative session to address Louisiana’s workforce development and education needs at the same time, though lawmakers left oversight largely to a newly created council of workforce and higher education leaders.
As previously reported, the Southern University System’s cut of the WISE Fund will be $2 million, under the plan the WISE Council finalized Monday.
The state Board of Regents still has to grant final approval to the distribution model, though that’s expected to be a formality.
“I’m extremely pleased with the work that has been done by this council,” said Regents chairman Clinton “Bubba” Rasberry Jr. “I’m optimistic that we’ll continue to move forward with the spirit of cooperation we have captured so far.”