Menu
2018 Session

Budget Amendments - SB30 (Floor Approved)

View Budget Item
View Budget Item amendments

Virginia Growth and Opportunity Fund

Item 106 #2h

Item 106 #2h

First Year - FY2019 Second Year - FY2020
Commerce and Trade
Department of Housing and Community Development FY2019 $5,000,000 FY2020 $10,000,000 GF

Language
Page 87, line 20, strike "$68,200,721" and insert "$73,200,721".
Page 87, line 20, strike "$68,200,721" and insert "$78,200,721".

Page 89, line 46, strike "$24,450,000" and "$24,450,000" and insert:

"$29,450,000" and "$34,450,000".

Page 89, line 50, after "Virginia." strike the remainder of the line.

Page 89, strike line 51 through 53.

Page 90, line 2, strike "$2,250,000 the first year" and insert:

"$3,250,000 the first year".

Page 90, line 3 after "activities" insert:

", which, notwithstanding § 2.2-2489, Code of Virginia, may not require matching funds if a waiver is granted by the Virginia Growth and Opportunity Board to a qualifying region upon request".

Page 90, line 4 strike "$10,900,000" and "$10,900,000" and insert:

"$13,900,000" and "$16,900,000".

Page 90, line 4 after "fund" strike "and".

Page 90, strike line 5.

Page 90, line 6, strike "Opportunity Fund".

Page 90, line 7, strike "$11,300,000" and "$11,300,000" and insert:

"$12,300,000" and "$15,300,000".

Page 90, line 8 strike "In distributing the".

Page 90, strike lines 9 through 12.

Page 90, after line 12 insert:

"3. The Virginia Growth and Opportunity Board may allocate monies among the distributions outlined in section M2 to meet demonstrated demand for funds. However, only those regional councils whose allocation is less than $1,000,000 in a fiscal year based the region's share of state population shall be eligible to receive an additional allocation, and the amount shall be limited such that the total allocation does not exceed $1,000,000 in a fiscal year."



Explanation

(This amendment increases funding for the Virginia Growth and Opportunity initiative $5,000,000 from the general fund in the first year and $10,000,000 from the general fund in the second year. It also eliminates new language in the introduced budget in order to correct an unintended consequence of distribution of funds to localities, permits the Board to grant matching fund waivers to qualifying regions that request them, and raises the eligible minimum amount of funds allocated to each region based upon its share of population to $1,000,000. The additional funds shall be distributed as follows: an increase of $1,000,000 in the first year for capacity-building grants; an increase of $3,000,000 the first year and $6,000,000 the second year for grants based upon a region's share of population; and, an increase of $1,000,000 in the first year and $4,000,000 the second year for competitive grants.)