It is the policy of the Region 3 Council that the Chairman of the Council, in consultation with the Vice-Chairman and the Fiscal Agent, will have the authority to make categorical line item budget adjustments within the approved Region 3 budget Capacity-Building budget, subject to the policy guidelines established by the GO Virginia State Board. No budget adjustments will result in a change in the total Capacity-Building Budget.
Should the budget adjustment require approval by the Virginia Department of Housing & Community Development staff, the Chairman, in consultation with the Vice-Chairman and Fiscal Agent, is authorized to make that request.
Budget adjustments necessitating transfer among funding categories of the Region 3 budget (Capacity-Building, Per Capita) require the approval of the Regional Council, prior to submission to the State.
The Region 3 Council understands that investments in site development implementation are an eligible investment category for GO Virginia funding and are a category of funding that is one of three top priorities for the GO Virginia State Board. The Region 3 Council also recognizes the importance of prepared sites in the economic development recruitment process.
With minimal per capita funding, it is the policy of the Region 3 Council to accept, review, and act on applications for site development implementation projects, to be considered only for funding from the Statewide Competitive pool of funds. No Region 3 Per Capita or Capacity-Building Funds will be used for site development implementation projects. This does not preclude the Council from using its per capita or capacity-building funding to support feasibility studies for site-related applications.
Under the authority of Article VIII Section 2 of the Bylaws of Region 3, and except to approve and amend the Bylaws, it is the policy of the Region 3 Council that the Executive Committee will have the authority to take actions on behalf of the Region 3 Council, subject to the policy guidelines established by the GO Virginia State Board, and providing notification to the Council at the next Council meeting.
It is the policy of the Region 3 Council that should budget adjustments be needed for approved Projects that are being implemented, the Region 3 Program Manager will work with the Project Lead, DHCD, and the Region 3 Fiscal Agent to make adjustments as needed and in alignment with GO Virginia State policies, and that do not impact the approved metrics, outcomes or timeline of the Project.
If such budget modifications impact the metrics, outcomes or timeline of the Project, or if there is an inability to come to agreement on the requested budget adjustments, the Chairman of the Council, in consultation with the Vice-Chairman, Region 3 Program Manager, and the Fiscal Agent, will review and make decisions to recommend to DHCD staff (and the State Board if necessary).
As is enabled by the funding guidelines for GO Virginia, it is the policy of the Region 3 Council that applicants for Per Capita and Competitive Funding will be required to negotiate an administrative fee not to exceed 8% above and beyond the project budget requirements, to be used by the Region Council Support Organization to offset costs associated with administration of post-approval project support.
To maximize resources and to consistently build on regional investments, it is the policy of the Region 3 Council that if a new project application is within the space of any previously-approved Region 3 funded project that is ongoing, the new application should demonstrate how the new project aligns with, extends the reach of, or fills gaps in, those previously-awarded ongoing projects. The applicant should clearly validate there is no duplication of efforts. Applicants are encouraged to connect with the leaders of previously-awarded projects and include input from them in the new application.