RD149 - Virginia Economic Development Partnership Operating Plan for the Fiscal Year Ending June 30, 2010


Executive Summary:
INTRODUCTION

The Virginia Economic Development Partnership (VEDP) was established by the General Assembly in 1995 as “...a body corporate and political subdivision...” known as an authority and was given broad powers “...to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth.”

VEDP is guided by a Board of Directors consisting of the Secretary of Commerce and Trade, the Secretary of Finance, the Chancellor of the Virginia Community College System, and 18 members appointed as follows: one from each congressional district of the Commonwealth and one citizen at large appointed by the Governor, subject to confirmation by the General Assembly; four citizens at large appointed by the Speaker of the House; and two citizens at large appointed by the Senate Committee on Rules.

The six citizens appointed by the General Assembly reside in regions of the Commonwealth that have a higher unemployment rate than that of the statewide average unemployment rate as reported by the Virginia Employment Commission for the preceding four years from the date of appointment.

THE OPERATING PLAN

This Operating Plan has been prepared in accordance with the 2009 General Assembly, Chapter 781 which, in part, states the following:

Prior to July 1 of each fiscal year, the Virginia Economic Development Partnership shall provide to the Chairmen of the House Appropriations and Senate Finance Committees and the Director of the Department of Planning and Budget a report of its operating plan.

This document provides the reader with information essential for understanding what the VEDP will accomplish, how it will achieve its objectives, and the resources committed to those efforts. The document includes a Summary Marketing Plan designed to provide an overview of the efforts of the various divisions to implement VEDP’s strategies. Other sections include a Mission Statement; an Organization Chart; Performance Measures; Budget Summary; Division Budgets; and Division Goals, Objectives, and Strategies.