2016 Session

Budget Amendments - HB30 (Conference Report)

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Funding for the MACH37 Cyber Accelerator

Item 428 #1c

Item 428 #1c

First Year - FY2017 Second Year - FY2018
Innovation and Entrepreneurship Investment Authority FY2017 $500,000 FY2018 $0 GF

Page 358, line 12, strike "$8,388,090" and insert "$8,888,090".

Page 361, after line 19, insert:

"R. Out of the amounts  appropriated in this item,  $500,000 from the general fund the first year is provided for the continued support of the MACH 37 Cyber Accelerator program.  Use of these funds to support the program is contingent on the operating plan report required in paragraph D of this item clearly demonstrating that Authority has developed a financial plan to ensure that the appropriation included in the item in the 2016 Appropriation Act is sufficient to support the authority's operations.

S.  Effective July 1, 2016, any form of proposed increase in employee compensation above the base salaries of employees, including one-time bonuses, except for salary adjustments explicitly authorized in this Act, must be communicated to the Director, Department of Planning and Budget, and the Staff Directors of the House Appropriations Committee and the Senate Finance Committee, more than ninety days in advance of effectuating such increase."      


(This amendment provides $0.5 million from the general fund in the first year for continued support of the MACH37 Cyber Accelerator program. The program, created in 2013, is designed to bring cyber security entrepreneurs to the Commonwealth and assist in the launch of start up companies. Thus far, 29 new companies have been started.)