§ 2 - Unified economic development budget (UEDB) - Vermont Statutes

§ 2. Unified economic development budget (UEDB) TITLE 10Conservation and DevelopmentPART IDevelopment of ResourcesCHAPTER 1. THE FUTURE OF ECONOMIC DEVELOPMENT

§ 2. Unified economic development budget (UEDB)

(a) For purposes of evaluating the effect on economic development in this state, the commissioner of finance and management, in collaboration with the secretary of commerce and community development, shall submit a unified economic development budget as part of the annual budget report to the general assembly under 32 V.S.A. § 306.

(b) The unified economic development budget shall include appropriations or expenditures for all of the types of development assistance, workforce training and education, and the development-related research granted or managed by the state during the prior four fiscal years by all agencies, departments, authorities, and other instrumentalities of the state. The budget shall adjust expenditures or appropriations to enable year-to-year comparisons to be made.

(c) The unified development budget shall specifically include:

(1) The aggregate amount and program-specific amounts of all state economic development assistance, including grants, loans, and tax expenditures.

(2) The aggregate amount and program-specific amounts of uncollected or diverted state tax revenues resulting from each type of development assistance provided in the tax statutes, as reported in the annual tax expenditure report (32 V.S.A. § 312). If current data are not available, the report may use the average of the three most recent years reported.

(3) Performance measurements, including estimated jobs created, increases or decreases in payroll including benefits, and other measures of economic advancement, with clear descriptions of data sources and methodologies.

(4) A report of progress in developing consistent and measurable benchmarks of job creation.

(d) The data presented shall be organized by categories such as administration, workforce education and training, tax expenditures, agriculture, tourism, technical assistance, planning, housing, transportation, technology, and research, among others deemed appropriate. Every effort shall be made to standardize definitions of positions and other measures. (Added 2007, No. 182 (Adj. Sess.), § 5, eff. June 2, 2008.)