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.