• 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 FY23 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 and Appropriations Committees and to the Director of the Department of Planning and Budget by November 1, 2022

• This FY23 Operational Plan marks the fifth 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 biennial update of the Strategic Plan began in January 2020 and was concluded in late 2020 due to the COVID-19 pandemic

• The 11 major initiatives contained in this FY23 Operational Plan are largely derived from the initiatives outlined in the updated Strategic Plan for Economic Development of the Commonwealth of Virginia (FY21-FY25)