Bill > SB231

This bill directs the State Board for Community Colleges and the Virginia Community College System to create a new funding model and implementation plan for Virginia's community colleges that balances basic operational funding with performance-based funding tied to student success metrics like graduation rates and post-graduation earnings. To help readers understand the context, the Virginia Community College System is a network of public two-year colleges in the Commonwealth overseen by the State Board, which is the governing body responsible for setting policies and supervising the system. The newly mandated funding model must support non-traditional groups—such as adult learners over 24, student-parents, and low-income students—while incorporating best practices from existing successful initiatives like the FastForward Program and the New Economy Workforce Credential Grant Program (state-supported programs that help residents earn high-demand workforce credentials affordably). Additionally, the model must promote cost savings through system-wide shared services, such as centralized business operations and specialized training programs. Finally, the legislation requires the State Board to submit an interim progress report to specific legislative committees by November 1, 2026, followed by a comprehensive final report and implementation plan by November 1, 2027.