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    Document Summary
    - Report Published -

    Report Document No. 34
    PUBLICATION YEAR 2010

    Document Title
    Annual Executive Summary of Interim Activity of the Tobacco Indemnification and Community Revitalization Commission

    Author
    Tobacco Indemnification and Community Revitalization Commission, Board Chairman

    Enabling Authority
    3.2-3102 (F.)

    Executive Summary
    I. Background – The Commission is the designated recipient of one-half of the Commonwealth’s share of the National Tobacco Settlement revenue, which the Commission securitized and received slightly more than $1 billion, held by the State Treasurer pending instruction from the Commission.

    The Commission was charged by the General Assembly to (1) compensate tobacco farmers for the decline of tobacco quota, and (2) stimulate economic growth in tobacco-dependent communities. The following is a summary of the Commission’s efforts since June 30, 2009 and it is suggested that this be read alongside the Commission’s 2009 Annual Report found at www.tic.virginia.gov.

    II. Compensation to Farmers – The Commission concluded fiscal year 2009 with a $41.2 million remaining obligation to Virginia tobacco growers and quota holders, of which $20.6 million has been budgeted for disbursement in the second half of fiscal year 2010. Thereafter, the Commission’s remaining obligation $20.6 million.

    III. Stimulation of Economic Growth – The Commission’s budget for the year beginning July 1, 2009 was $139 million, of which 83% or $116 million is devoted to economic development within the tobacco region. During the 6 months ending December 31, 2009, the Commission met twice and funded various projects recommended by its various sub-committees. The Commission also established a new Research and Development Committee to which it committed $100 million to support research and development of energy-related projects, among others. The first cohort of applicants has been received and is now being vetted for their commercial viability before presented to the Commission for funding.

    IV. During this reporting period, the Commission published its first Performance Measures Report (Vol 1), designed to define and measure the impact of Commission efforts to date. The report reveals specific, numerical data from reliable sources, compiled in a consistent manner that can be used over time to evaluate economic growth, stability, diversification and resident living standards over time, compared to a control group. The report can be found at http://www.tic.virginia.gov.