• 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 FY24 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 prior to July 1, 2023

• This FY24 Operational Plan is the annual business plan for implementing the Strategic Plan for Economic Development of the Commonwealth of Virginia (FY21–FY25), approved by the VEDP Board of Directors in late 2020, pursuant to the Code of Virginia, § 2.2-2237.1

• FY24 will be the first year of implementation of the Innovative Framework for Economic Growth, which will allow VEDP to fully realize the vision of the Strategic Plan; the Framework will accelerate economic growth in Virginia through deepening sector expertise in three core sectors (Knowledge work, Manufacturing, and Transportation / Logistics), focusing on ecosystem building around core sectors, and collaborating across government and with partners to build ecosystems

• The 10 major initiatives contained in this FY24 Operational Plan are largely derived from the initiatives outlined in the updated Strategic Plan as well as recent strategic planning efforts associated with the Innovative Framework for Economic Growth