• 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 FY27 Operational Plan has been prepared in accordance with Code of Virginia, § 2.2-2237.1 D.2. and the Virginia Budget, which requires 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, 2026

• This FY27 Operational Plan is the annual business plan for implementing the Strategic Plan for Economic Development of the Commonwealth of Virginia (FY27–FY31), following the approval by the VEDP Board of Directors in June of 2026, pursuant to the Code of Virginia, § 2.2-2237.1

• FY27 is the fourth 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 Logistics)

• The 15 major initiatives contained in this FY27 Operational Plan are largely derived from the initiatives outlined in the updated Strategic Plan