2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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Virginia Capital Access Program

Item 107 #1c

Item 107 #1c

First Year - FY2005 Second Year - FY2006
Commerce And Trade
Business Assistance, Department of FY2005 $300,000 FY2006 $0 GF

Page 73, line 18, strike "$11,966,255" and insert "$12,266,255".
Page 74, after line 37, insert:
"F.  Out of the amounts provided for Industrial Development Services shall be provided $300,000 the first year from the general fund for the Virginia Capital Access Program."

(This amendment provides funding for the Virginia Capital Access Program in fiscal year 2005. The program leverages private financing to businesses at an average rate of 30 to 1. In fiscal year 2003, the program assisted in the creation or retention of 786 jobs, providing almost $1.3 million in state tax revenue.)