RD182 - Virginia Economic Development Partnership Operating Plan for the Fiscal Year Ending June 30, 2017


Executive Summary:
*The Virginia Economic Development Partnership (VEDP) reorganized its two market facing divisions into three divisions to meet the needs of VEDP’s various constituencies and to market more effectively. A one page summary of the budget changes that became effective December 1, 2016, can be found in document RD534 [ http://test2012.rga.virginia.gov/Published/2016/RD534 ? (Please click on the link to read the budget update.)

The Virginia Economic Development Partnership Authority (VEDP) was established by the General Assembly in 1995 in § 2.2-2234 as “...a body corporate and political subdivision...” and was given broad powers “...to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth.”

“The Authority shall be governed by a board of directors consisting of the Lieutenant Governor, the Secretary of Agriculture and Forestry, the Secretary of Commerce and Trade, the Secretary of Finance, the Secretary of Technology, and the Chancellor of the Virginia Community College System, or their designees, serving as ex officio, voting members, and 18 members to be appointed as follows: (i) one from each congressional district in the Commonwealth and one citizen at large, appointed by the Governor, subject to confirmation by the General Assembly; (ii) four citizens at large appointed by the Speaker of the House; and (iii) two citizens at large appointed by the Senate Committee on Rules.”

“The six citizens appointed by the General Assembly shall 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. Ex officio members of the Board shall serve terms coincident with their terms of office.”

The Operating Plan

This Operating Plan has been prepared in accordance with the 2016 General Assembly, Chapter 780 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 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 information includes a Mission Statement; an Organization Chart; a Strategic Summary; Performance Measures; Budget Summary; Division Budgets; and Division Goals, Objectives, and Strategies.