The 2009 Executive Budget Document
Innovative Technology Authority
Mission Statement
The Innovative Technology Authority (ITA) fosters the development of emerging technologies and technologies companies to make Virginia an attractive business location.
Operating Budget History
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2005 Appropriation | $ 7,748,153 | $ 0 | 0.00 |
2006 Appropriation | $ 6,087,085 | $ 0 | 0.00 |
2007 Appropriation | $ 6,122,989 | $ 0 | 0.00 |
2008 Appropriation | $ 6,234,337 | $ 0 | 0.00 |
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2009 Base Budget | $ 5,847,337 | $ 0 | 0.00 |
2009 Addenda | $ (551,459) | $ 0 | 0.00 |
2009 Total | $ 5,295,878 | $ 0 | 0.00 |
2010 Base Budget | $ 5,847,337 | $ 0 | 0.00 |
2010 Addenda | $ (959,627) | $ 0 | 0.00 |
2010 Total | $ 4,887,710 | $ 0 | 0.00 |
Recommended Operating Budget Addenda
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Reflect Governor’s October reductions in agency budgetsReflects the reductions approved by Governor Kaine in October 2008 for 2009 and the corresponding continuation of savings in 2010. See Part D of this document for reduction details. For 2009, a decrease of $551,459 (GF). For 2010, a decrease of $501,624 (GF).
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Implement targeted reductionsImplements targeted reductions for 2009 and 2010 included in Governor Kaine's 2008-2010 Budget Reduction Plan. Reduction details can be found in Part D of this document. For 2010, a decrease of $458,003 (GF).
Budget Reduction Strategies
October Reduction Strategies
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Eliminate support services for technology research funds
Eliminate staffing support and associated costs for the Commonwealth Technology Research Fund and Virginia Research and Technology Advisory Commission.
FY 2009 FY 2010 General Fund Savings $ (138,259) $ (86,624) -
Reduce funding to the Virginia Electronic Commerce Technology Center
Reduce services and funding to the Virginia Electronic Commerce Technology Center.
FY 2009 FY 2010 General Fund Savings $ (125,000) $ (125,000) -
Reduce services and investment pool to the technology growth acceleration program
Reduce by 30 percent the number of companies supported by the Growth Acceleration Program (GAP).
FY 2009 FY 2010 General Fund Savings $ (288,200) $ (290,000)
December Reduction Strategies
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Revert interest for managed fund
Reverts interest accumulations from the inactive Advanced Communications Assistance Fund managed by the agency.
FY 2009 FY 2010 Revenue / Transfers $ 2,837 $ 0 -
Revitalize the Innovative Technology Authority
Restores the role of the agency to be in line with its original vision: to govern the Commonwealth's research and development investments and to stimulate high-growth technology entrepreneurships. This will be accomplished by consolidating the agency's board with the research and development board, and eventually replacing general fund appropriations with lease revenue related to a newly-proposed public-private partnership that would transform the current properties into an integrated commercial and residential development.
FY 2009 FY 2010 General Fund Savings $ 0 $ (458,003)