2000 Session

Budget Amendments - SB30 (Committee Approved)

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CA - Technology Research Fund

Item 548 #11s

Item 548 #11s

First Year - FY2001 Second Year - FY2002
Central Appropriations
Central Appropriations FY2001 $0 FY2002 $11,000,000 GF

Page 374, line 48, strike "$1,250,000" and insert "$12,250,000".
Page 377, after line 14, insert:
1. Out of this appropriation, $11,000,000 the second year from the general fund is designated to create the Commonwealth Technology Research 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 Director, Department of Planning and Budget.
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 Department of Planning and Budget. 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) A 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 for 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 the following criteria:
1)  scientific merit and economic development potential;
2) collaboration between institutions of higher education, as detailed in the grant proposal; and
3)  partnerships between institutions of higher education and business and industry, as detailed in the grant proposal.
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.
c. Recommendations on the grants 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. The Director, Department of Planning and Budget shall recommend to the Governor and the General Assembly a spending plan for allocation of grants from the fund for inclusion and appropriation in the budget bill to be introduced in the 2001 Session.
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."

(This amendment provides funding for a competitive research grant program for institutions of higher education.)