Transcript Wayne Sterling presentation to Senate Finance Committee

VEDP OVERVIEW
OCTOBER 8, 2009
MISSION STATEMENT
To enhance the quality of life and raise the standard of
living for all Virginians, in collaboration with Virginia
communities, through aggressive business recruitment,
expansion assistance, and trade development, thereby
building the tax base and creating higher income
employment opportunities.
BOARD OF DIRECTORS
Stephen R. Adkins
Chief, Chickahominy Tribe
G. William Beale
President and CEO
Union Bankshares Corporation
W. Clay Campbell
President, Martinsville Speedway
R. B. Clark
Charlotte County Administrator
Mark D. Heath
President and CEO
Martinsville-Henry Economic Development
Corporation
Hugh D. Keogh
President and CEO
Virginia Chamber of Commerce
Chris A. Lumsden
CEO, Halifax Regional Health System
Charles H. Majors, Chair
President and CEO
American National Bank
and Trust Company
Stuart S. Malawer
Distinguished Professor of Law and
International Trade
George Mason University
BOARD OF DIRECTORS
John F. Malbon
President and CEO, PAPCO, Inc.
Ruth Alicia Sandoval
CEO, BuisnessconX
David Oliver
President, Oliver Cleaning Service
Samuel A. Schreiber
Regional President, Wachovia Bank
Julien G. Patterson, Vice Chair
President and CEO
Omniplex World Services Corporation
James E. Ukrop
Chairman, First Market Bank
A. Carole Pratt, D.D.S.
McKinley L. Price, D.D.S.
Ike Prillaman
Vice Chairman & CMO
Norfolk Southern Corporation
Neil D. Wilkin, Jr.
President and CEO
OpticalCable Corporation
Ex-Officio:
Richard D. Brown
Glenn DuBois
Patrick O. Gottschalk
ORGANIZATIONAL CHART
Board of Directors
General Counsel
Executive Director
Business
Development
International
Information
Technology
Research
Human
Resources
Communications
and
Promotions
Fiscal
and
Support Services
FY 2010 GENERAL FUND OPERATING PLAN BUDGET
Division
Amount
Staff
Business Development
2,779,276
23
International Investment
1,637,305
7
International Trade
2,705,196
19
Research
1,819,939
14
Communications and Promotions
1,342,646
7
Information Technology
1,847,793
15
Administration
2,190,717
15
Pass Through Payments
Total VEDP
79,087
$14,401,959
100
VEDP 10-YEAR PRESENT VALUE GENERAL FUNDS
Percent of FY2001 VEDP General Fund Appropriation
Present Value (3%)
Reflects FY2010 10% Budget Reduction
100%
10 Year History
95%
Percent
90%
85%
80%
75%
70%
65%
60%
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
Fiscal Year
39% PV Funding Reduction
23% Actual Staff Reduction
(FY2001 Staff = 130; FY2010 Staff = 100)
% of FY01 PV Appropriation
FY09
FY10
VEDP-ASSISTED
INVESTMENT AND EMPLOYMENT
7/1/09 – 10/5/09
• $608 million of investment
• 3,948 new jobs
• 42 announcements
MAJOR PROJECTS
Jobs
Capital Investment
GOF
Approved
289
$110 million
$1 million
2,500
$227 million
$1 million
Hilton
325
$17 million
$1 million
Mead Westvaco (Central VA)
400
$80 million
$2 million
Philip Morris USA – R&D (Central VA)
500
$300 million
$3 million
1,200
$25 million
$1.5 million
401
$118 million
$1.5 million
540
$363.5 million
$3 million
1,035
$623.5 million
$1.5 million
Project
HEADQUARTERS
Bureau of National Affairs (Northern VA)
Corporate Executive Board (Northern VA)
SAIC
Volkswagen of America (Northern VA)
ADVANCED MANUFACTURING
AREVA Newport News (Hampton Roads)
Canon Virginia (Hampton Roads)
Micron Technology, Inc. (Northern VA)
860
$1.2 billion
$2 million
Rolls-Royce (Central VA ) (2 projects)
642
$502.4 million
$6 million
Swedwood (Southside)
740
$28 million
$3 million
Terremark (Northern VA)
250
$270 million
$1 million
9,682
$4.12 billion
$27.5 million
Totals