2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Fralin
Regl Cooperation Incentive Fund

Item 104 #18h

Item 104 #18h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Housing and Community Development, Department of FY2007 $10,000,000 FY2008 $10,000,000 GF

Page 82, line 18, strike "$38,521,190" and insert "$48,521,190".
Page 82, line 18, strike "$36,281,190" and insert "$46,281,190".
Page 86, after line 54, insert:
"R.1. Out of this item, $10,000,000 the first year and $10,000,000 the second year from the general fund is appropriated to carry out the provisions of §§ 15.2-1306 through 15.2-1310, Code of Virginia, related to the Regional Competitiveness Act.  The Department may use up to $135,000 the first year and $135,000 the second year for staff support for the Regional Competitiveness Program.
2. Prior to the convening of each regular session of the General Assembly, the Department shall provide copies of the annual reports prepared by the regional partnerships under § 15.2-1309.3, Code of Virginia, to the Chairmen of the Senate Committees on Local Government and Finance, and the House Committees on Appropriations and Counties, Cities and Towns.
3. Incentive funds shall be distributed on a formula based on the population of the qualified region. Each qualified region shall receive no less than $300,000 the first year and $300,000 the second year.
4. The Department shall disburse the annual funding allocation to each regional partnership in four equal quarterly payments. The Department shall make the first disbursement on or after July 1 of each fiscal year with each subsequent disbursement made three months following the prior disbursement. "

(This amendment provides $10.0 million in each year from the general fund to recapitalize the Regional Competitiveness Fund. No appropriations have been made to this fund since fiscal year 2002.)