503#3h (ITA) Technology Competitiveness Fund. HB30 - Committee Approved

State Budget

2000 Session

Budget Amendments - HB30 (Committee Approved)

Bill Order » Item 503 #3h

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Technology Competitiveness Fund

Item 503 #3h

Item 503 #3h	First Year - FY2001	Second Year - FY2002
Technology
Innovative Technology Authority	FY2001 $0	FY2002 ($5,000,000)	GF
	FY2001 $0	FY2002 $15,000,000	NGF

Language
Page 342, line 3, strike "$20,000,000" and insert "$30,000,000".
Page 342, line 7, strike "20,000,000" and insert ""15,000,000".
Page 342, line 8, after "fund", insert:
"and $15,000,000 the second year from higher education operating funds".
Page 342, strike lines 34 through 36.
Page 342, line 37, strike "3" and insert "2".
Page 342, after line 44, insert:
"c. General fund support from the Technology Competitiveness Fund pursuant to paragraphs 1 through 5 of this Item shall be matched on at least a dollar for dollar basis by the respective institution of higher education or combinations thereof."
Page 342, line 46, after "potential" insert:
", and shall be limited to research in the following fields: aerospace, biotechnology, energy, environmental and information technologies, high-performance manufacturing, telecommunications, and transportation".
Page 343, line 16, strike "June 30" and insert "January 1".
Page 343, line 23, strike "June 30" and insert "January 1".

Explanation
(This amendment increases nongeneral fund support for the new Technology Competitiveness Fund, clarifies the research fields to which the grant funds should be directed, and accelerates a report to the General Assembly on the impacts of such program.)

Item 503

Item 503	First Year - FY2001	Second Year - FY2002
Economic Development Research, Planning, and Coordination (53300)	$0	$20,000,000
Higher Education Research (53306)	FY2001 $0	FY2002 $20,000,000
Fund Sources:
General	FY2001 $0	FY2002 $20,000,000

Authority: Discretionary Inclusion.

1. Out of this appropriation, $20,000,000 the second year from the general fund is designated to create the Technology Competitiveness Fund. The Fund shall be a nongeneral nonreverting fund, the balance of which shall not revert to the general fund at the end of the fiscal year but shall be reappropriated for expenditure in the succeeding year. The Fund shall be established on the books of the Comptroller. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request bearing the signature of the chairman or vice-chairman of the Authority, or if so authorized by the Authority, bearing his facsimile signature, and the official seal of the Authority.

2. The purpose of the fund shall be to attract public and private research funding for institutions of higher education, in order to increase technological and economic development in Virginia.

3. The Fund shall be administered by the Innovative Technology Authority. Awards from the Fund shall be made to Virginia public institutions of higher education.

4. a. For purposes of awards, the Fund shall have three components:

1) A matching funds program to leverage federal and private research dollars.

2) A strategic enhancement program to upgrade the national ranking of key academic departments of the institutions.

3) An industry inducement program to upgrade research capacity in key departments of the institutions in order to attract specific companies to locate or expand in Virginia.

b. Awards from the Technology Competitiveness Fund under the matching funds component shall be contingent upon the approval of the institution’s grant proposal for federal or private funds.

5.a. Awards shall be based on scientific merit and economic development potential.

b. Evaluation of proposals shall be conducted by review panels with the appropriate science and technology expertise, drawn from federal agencies and academic and industrial research institutions across the country, and a representative from an advisory panel on research and development strategy appointed by the Secretary of Technology.

c. The Innovative Technology Authority shall be responsible for administration of the review panels. The composition and operation of the panels shall be established through a memorandum of understanding among the Commonwealth’s public academic research institutions, the Innovative Technology Authority, the Virginia Economic Development Partnership, and the State Council of Higher Education.

d. Funding decisions shall be made by representatives from the Innovative Technology Authority, the Virginia Economic Development Partnership, and the State Council of Higher Education based on the recommendations of the review panels.

6. Not later than June 30, 2002, the Innovative Technology Authority shall submit a report to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees on the operation of the Technology Competitiveness Fund. The report shall include a detailed description of expenditures.

7. Not later than June 30, 2002, the Department of Planning and Budget shall submit to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees an evaluation of the Fund. The evaluation shall include an assessment of the effectiveness of the Fund in attracting public and private research funding and increasing technological and economic development in Virginia, and an assessment of the administration of the program including the effectiveness of the decision-making process.