2003 Session

Budget Amendments - HB1400 (Conference Report)

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CIT Budget (language only)

Item 470 #2c

Item 470 #2c

Innovative Technology Authority

Page 436, after line 14, insert:
"J.1. The General Assembly supports the Innovative Technology Authority’s stated mission to enhance federal research funding to Virginia’s colleges and universities and to industry.  It is also the intent of the General Assembly to promote a greater reliance by the Authority on nongeneral fund revenues for the Authority’s operations and programs.
2.  To that end, the Authority or its operating body shall enter into memoranda of understanding with Virginia’s institutions of higher education and with industry to recover the Authority’s administrative and program costs associated with the Authority’s efforts to solicit, develop, coordinate, and manage proposals attracting federal research and development dollars for technology research to Virginia.  The Authority shall recover moneys from the institutions of higher education and industry up to 7.5 percent of the value of any grant or award directly obtained with assistance from the Authority.
3.  From the amounts paid by public and private parties for services provided by the Authority as provided in the memoranda of understanding, the Authority shall deposit $500,000 in the second year to the general fund of the state treasury.
4.  The Governor shall unallot and withhold from distribution to the Innovative Technology Authority $500,000 the second year from the general fund until these conditions are met:
a. A memorandum of understanding (MOU) is prepared and signed by the Chairman of the Innovative Technology Authority, the President of the Center for Innovative Technology, and the Secretary of Finance.  The MOU shall direct the Authority to deposit  in the second year to the general fund of the state treasury a total of $500,000 comprising the collection of recoveries.  
b. If all parties to the MOU agree, then the Authority may make more than one deposit in the fiscal year to achieve the $500,000 total.  For each deposit made to the credit of the general fund, the Secretary of Finance shall cause to be released from unalloted and previously withheld general fund appropriations an amount equal to the deposit.  
5.  It is the intent of the General Assembly that total general fund support for the Innovative Technology Authority be phased out over a period of time – 50.0 percent by fiscal year 2005, 75.0 percent by fiscal year 2006, and 100.0 percent in subsequent years."

(This amendment directs the Authority to recover a portion of its costs related to bringing federal R&D moneys to Virginia. The amendment's objective is to lessen the Authority's dependence upon the general fund. The amendment expresses legislative intent to phase out all general fund support for the Authority by fiscal year 2007.)