(1) (a) There is created in the state treasury the skilled worker outreach, recruitment, and key training grant program fund, also referred to as the "WORK fund", which consists of:

(I) Any moneys that may be appropriated to the fund by the general assembly;

(II) Any federal funds or grants for which the WORK grant program is eligible; and

(III) Any gifts, grants, or donations the department may receive for the WORK grant program.

(b) Except as provided in subsection (5) of this section, the money in the fund is subject to annual appropriation by the general assembly to the department for the direct and indirect costs associated with implementing this part 3.

(c) The state treasurer may invest any moneys in the WORK fund not expended for the purpose of this part 3 as provided by law. The state treasurer shall credit all interest and income derived from the investment and deposit of moneys in the fund to the fund.

(2) The department may accept and expend gifts, grants, and donations for the purposes of this part 3, but the implementation of this part 3 is not dependent on the receipt of gifts, grants, and donations. The department shall transmit all moneys received through gifts, grants, or donations to the state treasurer, who shall credit them to the fund.

(3) (a) For the 2018-19, 2019-20, and 2020-21 fiscal years, the general assembly shall appropriate a total of seven million six hundred thousand dollars to the fund, of which not more than three million three hundred thousand dollars may be appropriated in any given fiscal year.

(b) The money in the fund that is available for matching grants should be allocated, to the extent possible, to eligible applicants approved for a matching grant award pursuant to section 8-83-305 (2)(c) as follows:

(I) Two-thirds to eligible applicants that were awarded matching grants in a prior fiscal year; and

(II) One-third to eligible applicants that have not received a matching grant previously.

(4) The department may expend up to five percent of the moneys annually appropriated from the fund to offset the costs incurred in implementing this part 3.

(5) Any unexpended and unencumbered money remaining in the WORK fund at the end of a fiscal year remains in the fund and shall not be credited or transferred to the general fund or another fund. Unexpended and unencumbered money from an appropriation made pursuant to subsection (3) of this section remains available for expenditure by the department in the next fiscal year without further appropriation.