Review of Department of Small Business and Supplier Diversity (language only)

Item 105 #1c

Language

Page 80, after line 17, insert:

"C.1. The Secretary of Commerce and Trade shall initiate a management and accounting review of the portfolio of programs within the Department of Small Business and Supplier Diversity and develop a remediation plan to address any deficiencies identified, including the audit findings noted in the Virginia Auditor of Public Accounts' report on the audit of the Virginia Small Business Financing Authority (VSBFA) for the fiscal year ended June 30, 2014. In addition, the review shall examine the purpose and appropriateness of transfers between funds under the management of the Department of Small Business and Supplier Diversity, including those funds managed by the VSBFA.

2. The review shall specifically include a review of the Small Business Job Grant Fund to ensure the program is being administered in a manner consistent with the Code and that the fund is being sufficiently promoted.  

3.The Secretary shall report his findings and recommendations to the Governor and Chairmen of the House Appropriations and Senate Finance Committees by November 1, 2016."