RD245 - Virginia Economic Development Authority FY 2020 Operational Plan: Executive Summary – July 1, 2019

Executive Summary:

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

• 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 FY20 Operational Plan has been prepared in accordance with Code of Virginia, § 2.2-2237.1 D.2. and the Virginia Budget, which require 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, 2019.

• This FY20 Operational Plan marks the second 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 11 Major Initiatives contained in this FY20 Operational Plan are largely derived from the initiatives outlined in the Strategic Plan.