RD206 - Virginia Economic Development Partnership FY 2019 Operational Plan: Executive Summary – July 1, 2018

Executive Summary:

This report includes the reporting requirements of Item 122.B. of the 2018 Appropriation Act.

• The Virginia Economic Development Partnership Authority (VEDP) was established by the General Assembly in 1995 (Code of Virginia, § 2.2-2234).

• VEDP is given broad powers in its enabling legislation “…to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth."

• This operational plan has been prepared in accordance with the Virginia Budget, which requires that an operational plan be completed and submitted to the Chairmen of the House Appropriations and Senate Finance Committees and to the Director of the Department of Planning and Budget prior to July 1, 2018.

• The FY19 Operational Plan marks the first full year of implementation of the Strategic Plan for Economic Development of the Commonwealth of Virginia (FY19-FY23), approved by the VEDP Board of Directors in late 2017 pursuant to the Code of Virginia, § 2.2-2237.1. The 15 Major Initiatives contained in the FY19 Operational Plan are largely derived from the initiatives outlined in the Strategic Plan.