(Sacramento) -- Senate Richard Roth speaks in support of the Dropout Reduction and Workforce Development Bond Act of 2013, which will provide more career-oriented curriculum and training for California students by enhancing the connections between schools and industry. Through these new business-school partnerships, students will have more opportunities for career training leading toward middle class jobs, while business and industry will benefit from growth in California's skilled workforce.
SB 594 would provide three new tools to finance the development of career pathways through these public-private partnerships. Programs serving economically disadvantaged students in school districts with high dropout rates will be given priority for funding.
The three financing tools under SB 594 are:
Workforce Development Bonds -- Allow industry and businesses to invest in academic career pathway programs, to earn a rate of return higher than what's available in traditional investments. State bond repayment would be linked to contracts outlining performance measurements such as increased graduation rates, internships, apprenticeships and jobs for students in high wage industries.
Career Pathways Investment Tax Credits -- Authorizes tax credits for businesses which, in partnership with public schools, invest in academic and work-based learning opportunities. Applications would be reviewed and awarded on a competitive basis through a committee chaired by the Chancellor of California Community Colleges and including the California Superintendent of Public Instruction.
Linked Learning Trust Funds -- Trusts funds would be established in each community college and public school district to finance career pathways programs. The trusts can accept revenue from any source, including foundation grants, employment training funds, Community Reinvestment Act funds, tax revenues, apportionments and loans.