Title:
Carry Forward Funds Process
Financial Policy #:
Effective Date:
July 1, 2015
Revision Date:
2
Purpose:
To establish procedures for budgeting carry forward funds for the Piedmont Workforce Network.
Procedure:
Federal Workforce Innovation and Opportunity Act (WIOA) funds are allocated to a Local Workforce
Development Area (LWDA) for two program years 1. Funds must be 80% obligated or expended by the
end of the first program year and fully expended by the end of the second program year. Funds not
expended during the first program year are considered Carry Forward Funds for the second program
year. Funds not expended by the end of the second program year must be returned to the
Commonwealth of Virginia.
The budgets for the One Stop Operator(s) and WIOA Program Operator(s) are approved on an annual
basis by the Piedmont Workforce Network Council and Board 2. Any carry forward funds are reallocated
by the Piedmont Workforce Network Council and Board at the beginning of the next fiscal year 3.
Program year runs from July 1st to June 30th for Adult and Dislocated Worker funds. Youth funds are allocated to
the Local Workforce Development Area beginning April 1st.
2
Refer to Piedmont Workforce Network Policy 1 – Financial Budgeting Process.
3
Fiscal year runs from July 1st to June 30th for all WIOA programs.
1