Amends GS 143B-438.10 to rename the Commission on Workforce Development as the NC Works Commission (Commission). Adds to the Commission's duties developing (1) performance accountability measures for local workforce development boards consistent with the requirements of Section 116 of the Workforce Innovation and Opportunity Act of 2014 and recommending to the Governor sanctions against local workforce development boards that fail to meet such performance accountability measures and (2) fiscal control and fund accounting procedures for local workforce development boards consistent with the requirements of Section 184 of the Workforce Innovation and Opportunity Act of 2014 and recommending to the Governor sanctions against local workforce development boards that fail to meet such fiscal control and fund accounting procedures. Adds additional members to the Commission and makes changes to the membership. Staggers membership terms and provides for filling vacancies. Makes clarifying changes.

Sets the terms of current Commission members to expire when the act becomes law and requires the new 33-member Commission to be appointed as specified in the act by June 30, 2015. 

Amends GS 143B-438.11 to add to the duties of the Local Workforce Development Boards complying with (1) the performance accountability measures established by the NCWorks Commission in accordance with Section 116 of the Workforce Innovation and Opportunity Act of 2014 and (2) the fiscal control and fund accounting procedures established by the NCWorks Commission in accordance with Section 184 of the Workforce Innovation and Opportunity Act of 2014. Makes clarifying and conforming changes.

Makes clarifying changes to GS 143B-438.12 and GS 143B-438.13.

Repeals GS 115C-64.15 (North Carolina Education and Workforce Innovation Commission) and GS 115C-64.16 (The Education and Workforce Innovation Program).

Enacts new GS 143B-438.13A establishing the NCWorks Innovation Program (Program) to award competitive grants to a school, local school administrative unit, or regional partnership.  Requires that grant applicants: (1) form a partnership, for the purposes of the grant, with either a public or private university or a community college; (2) form a partnership, for the purposes of the grant, with regional businesses and business leaders; and (3) demonstrate the ability to sustain innovation once grant funding ends. Sets out requirements that applicants must meet and information that must be included in the application. Requires grant applicants to match 50% of all state dollars. Requires grant recipients to submit annual reports.

Provides that funds appropriated to the Office of the Governor in Section 15.20(a) of SL 2014‑100 for the 2014‑15 fiscal year that are unexpended and unencumbered as of June 30, 2015, do not revert to the General Fund but shall remain available for use consistent with the purposes of that fund. Requires that the unencumbered cash balance of the Education and Workforce Innovation Program funds budget code be transferred to the NCWorks Innovation Program fund budget code.

Requires the funds appropriated to the Office of the Governor for the 2015‑16 fiscal year and the 2016‑17 fiscal year for the Education and Workforce Innovation Program to be transferred to the NCWorks Innovation Program. Requires the unencumbered cash balance of the Education and Workforce Innovation Program fund budget code to be transferred to the NCWorks Innovation Program fund budget code.

Effective July 1, 2015.