RD379 - Virginia Resources Authority 2011 Annual Report and Financial Statements for the Year Ended June 30, 2011


Executive Summary:
[This report includes the reporting requirements of the Virginia Airports Revolving Fund, pursuant to Code of Virginia § 5.1-30.9.]

I am pleased to share with you the 2011 Annual Report of the Virginia Resources Authority (Authority). This Report provides information on the achievements of the Authority over the last year and serves as a record of the Authority's support to Virginia communities. Included in this Report is background on projects that facilitated growth and development, provided health and safety improvements for essential infrastructure, yielded cost-savings for taxpayers and ratepayers, promoted regional alliances, and enhanced the quality of life of citizens across Virginia.

Inside the pages of this Report you will find the culmination, over this last year, of the efforts of a board of Directors and small staff to do big things. These big things are evidenced by the many projects completed and underway that would not have been possible were it not for a staff committed to finding ways to make essential projects happen. Big things are also evidenced by the Authority's ability to consistently receive and maintain, despite economic uncertainty, desirable ratings that result in reduced costs for local government borrowers. Big things are evidenced by the unique ability of the staff to craft a financing package that serves the best needs of the community. And, big things are evidenced by the increased demand for Authority participation in addressing Administrative and Legislative priorities.

I am honored to work with this small staff of hugely talented and dedicated professionals and to also work with an equally talented Board of Directors. Because of its staff and Board, the Authority was able to issue $373 million in financing for 66 public projects, 15 of which were with borrowers new to the Virginia Resources Authority.

Sincerely,

Stephanie L. Hamlett
Executive Director