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Strategic Summary

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Serving Virginia’s Communities

Virginia Resources Authority (VRA) has evolved over its 25-year history from a provider of water and sewer financing to financing projects in sixteen distinct areas.  VRA serves communities all across the Commonwealth and provides investment in the following project areas:

Public Safety	Solid Waste	Airports	Local Government Buildings	Oyster Restoration
Transportation	Water	Land Conservation & Preservation	Energy	Defective Drywall Correction and Restoration
Wastewate	Federal Facility Development	Broadband	Administrative & Operations Systems
Flood Prevention & Dam Safety	Brownfield Remediation & Redevelopment	Parks & Recreation	Site Acquisition & Development for Economic & Community Development

 

Local governments and our partners in state government are experiencing changing priorities and growing community needs.  With increasing requests for VRA’s services, an evaluation of VRA’s strategic framework was launched in 2006 to direct the best use of resources.

Strategic Planning Process 2006-2009

 

• Engaged Virginia Commonwealth University’s (VCU) Center for Public Policy, Office of Public Policy Training
• Incorporated broad stakeholder input, including staff, Board of Directors, Deputy Secretary of Commerce and Trade (Office of the Governor), agency partners, bond counsel, and financial advisor
• Refined VRA’s Mission, Vision, and Values statements, which serve as a guide for the organization, its staff, Board, supporters and partners in achieving its goals and adapting to the future
• Highlighted VRA’s alignment with the Council on Virginia’s Future in six of seven broad goals:  (1) Economy, (2) Health, (3) Natural resources, (4) Public safety, (5) Transportation, and (6) Government and Citizens
• Adopted unanimously by the VRA Board in December 2006
• Continues to be a central focus of the Board
• lntegrated with VRA’s annual budget and performance management system
• Reviewed and refined annually by the Board during special strategic planning sessions

 

Mission

Virginia Resources Authority provides innovative, cost-effective and sustainable financial solutions to build vibrant and healthy Virginia communities

Vision

VRA will be the choice provider of financing for public projects for Virginia communities

Values

• Customer Service
  We recognize that customer service is our highest priority. Towards that end, we are professional, honest, compassionate, courteous, and accountable.
• Collaboration
  We work together with state agency partners and local governments to custom-design financing solutions to meet local needs and state objectives.
• Consistency
  We give the same attention to all of our customers, large or small, and aim to support social equity among all Virginia communities.
• Commitment
  We are dedicated to crafting financing solutions to meet the growing needs of Virginia’s communities.
• Creativity
  We thrive on innovation and our ability to provide our customers and the citizens of Virginia with custom-tailored, cost-effective products that meet their financing needs.

Agency Partners

 

Making a Difference in Virginia

• Invested over $2.2 billion in vital infrastructure in Virginia since FY2006
• Expanded a major economic engine for the Commonwealth, generating critical jobs and economic growth in Virginia’s communities
• Quadrupled the annual volume of assistance to localities during FY2006 – FY2009
• Supported over $5 billion of investment in Virginia’s communities since 1984
• Funded more than 955 projects across the Commonwealth since inception
  

Strategic Goals & FY2010 Key Initiatives

• Support local community & economic development initiatives through value-added programs that maximize economic impact & community benefit

• Collaborate with the Governor’s Office and executive and legislative branch officials on key initiatives
• Collaborate with other economic development entities (state, regional, local & non-profit)
• Engage the VRA Community Investment Advisory Group to enhance programs
• Implement Board approved reorganization
• Forge working relationships with organizations supporting community and economic development in urban and rural communities
• Explore public-private partnership opportunities to advance Authority and Commonwealth goals

• Strengthen & expand state partnerships

• Collaborate with existing state partners to create unified goals
• Assist state partners in implementing and refining programs
• Work with the Department of Aviation to continue to enhance the sustainability of VARF
• Work with the Administration and Executive Branch agencies to augment state and federal programs with innovative financing options
  
  
• Refine financial programs to meet customer needs & increase the economic impact & community benefit of VRA projects
  
  
  • Increase access for customers through enhanced community service and outreach efforts
  • Increase revenues to refine existing programs and develop programs in newly assigned areas
  • Develop additional financing options for local and state projects through innovative funding strategies
  • Launch plan for new and refined programs based on value added outcomes produced for localities and the Commonwealth
  • Provide concrete data to localities and the Commonwealth on the direct, indirect and induced impact of VRA-financed projects
  • Strengthen the financial security of local obligations
• Strengthen & sustain VRA's ability to provide affordable financing options
  
  
  • Continue to enhance investor relations program
  • Establish and track Authority performance benchmarks to measure performance
  • Update Authority policies and procedures to support strategic direction
  • Increase organizational efficiency and capacity through continued process improvement
  • Develop a comprehensive risk management system
  • Explore opportunities to integrate systems