VA SB231

Directs the State Board for Community Colleges and Virginia Community College System to develop a new funding model balancing base operational support with outcomes-based funding tied to performance metrics

Requires the funding model to reward measurable improvements in student progress, program completion, credential attainment, post-completion wage impacts, and continuing education

Mandates the model encourage programming that better serves adult learners over age 24, student-parents, and students from low-income backgrounds

Requires incorporation of best practices from the New Economy Workforce Credential Grant Program and FastForward Program, and cost efficiencies through system-wide shared services

An interim report is due to legislative committee chairs by November 1, 2026, with a final report including the funding model, implementation plan, and recommendations due by November 1, 2027