                                 CODE OF VIRGINIA

BOARD OF DIRECTORS TO DEVELOP STRATEGIC PLAN FOR ECONOMIC DEVELOPMENT; MARKETING
PLAN; OPERATIONAL PLAN; SUBMISSION (§ 2.2-2237.1)

A. The Board and the Chief Executive Officer shall develop and update
biennially, prior to the start of each of the Commonwealth&#8217;s biennial
budget periods, a strategic plan for specific economic development activities
for the Commonwealth as a whole. The strategic plan shall be responsive to the
comprehensive economic development policy developed pursuant to § 2.2-205. The
strategic plan of the Authority shall, at a minimum, include:

   1. The identification of specific goals and objectives for the Authority and
   the development of quantifiable metrics and performance measures for attaining
   each such goal and objective;

   2. A systematic assessment of how the Authority can best add value in carrying
   out each of its statutory powers and duties; and

   3. Such other information deemed appropriate by the Board to ensure that the
   Authority fully executes its powers and duties.

B. The Authority shall report annually by November 1 on its strategic plan, any
modifications to the strategic plan, and its progress toward meeting the goals
and objectives as stated in the strategic plan. The report shall be submitted to
the Governor, the Director of the Department of Planning and Budget, the special
subcommittee on economic development of the Joint Legislative Audit and Review
Commission, and the Chairmen of the House Committee on Appropriations and the
Senate Committee on Finance and Appropriations.

C. The Board shall include in its strategic planning process the participation
of key economic development partners, including state, regional, and local
economic development agencies and organizations, rural stakeholders, and
international trade organizations.

D. In addition, the Board and the Chief Executive Officer shall develop and
update annually prior to the start of the fiscal year:

   1. A marketing plan for the Commonwealth as a whole. The marketing plan of the
   Authority shall, at a minimum, include:
   				a. Identification of the Authority&#8217;s specific and measurable
   marketing goals and the timetable to achieve such goals;
   				b. Identification of specific marketing activities, including efforts
   intended to secure economic development opportunities in proximity to high
   unemployment areas;
   				c. The resources and staff allocated to such marketing activities; and
   				d. The development of quantifiable metrics and performance measures for
   attaining each such goal.
   				The Authority shall report annually by November 1 on its marketing plan,
   any modifications to the marketing plan, and its progress toward meeting the
   goals and objectives as stated in the marketing plan. The report shall be
   submitted to the Governor, the special subcommittee on economic development of
   the Joint Legislative Audit and Review Commission, and the Chairmen of the
   House Committee on Appropriations and the Senate Committee on Finance and
   Appropriations; and

   2. An operational plan for carrying out the powers and duties of the
   Authority. The operational plan of the Authority shall, at a minimum, include:
   				a. A process to evaluate the Authority&#8217;s effectiveness in exercising
   the powers and duties conferred by this article, including the
   Authority&#8217;s ability to work with other state, regional, and local
   economic development organizations and international trade organizations; and
   				b. A strategy for coordinating with state agencies that administer
   economic development incentive programs and relevant executive branch
   committees, councils, authorities, and commissions to maximize the
   effectiveness of state economic development programs and activities.
   				The Authority shall report annually by November 1 on its operational plan,
   any modifications to the operational plan, and its progress toward meeting the
   goals and objectives as stated in the operational plan. Such report shall
   contain the most recent available audit report from the Auditor of Public
   Accounts&#8217; annual examination of the accounts and books of the Authority
   pursuant to &#xA7; 2.2-2242 and shall be submitted to the Governor, the
   special subcommittee on economic development of the Joint Legislative Audit
   and Review Commission, and the Chairmen of the House Committee on
   Appropriations and the Senate Committee on Finance and Appropriations.

HISTORY: 2017, cc. 804, 824; 2020, c. 591; 2025, cc. 1, 21.