The Virginia Business Council (VBC) advocates in support of public policy that will enhance free enterprise and economic development in Virginia. Its focus has remained on education, transportation, and fiscal policy reform since the organization's inception in 1979. The following provide some key milestones over the history of the VBC.
In 1988, the VBC was instrumental in creating the Virginia Foundation for Research and Economic Education (Virginia FREE). Virginia FREE is an independent association committed to protecting and strengthening Virginia's prosperous business environment through the political process. Virginia FREE provides a wealth of objective, non-partisan information on political candidates and the voting records of legislators on issues of importance to Virginia's business community. Virginia FREE's information and programs help foster a business community prepared to take the lead in electing legislators who advance free enterprise and responsible, pro-business government.
In 1995, the Council provided critical business leadership in the enactment of Virginia's Standards of Learning (SOL) for public schools across the Commonwealth. These standards represent a broad consensus of what parents, teachers, school administrators, academics, and business and community leaders believe schools should teach and students should learn.
In 1998, the VBC commissioned the study Virginia's Fiscal Future: A Long-Term Perspective. The study analyzed Virginia's current and projected revenue and demand for infrastructure and services for the period 1998 through 2008. The study concluded that tax relief required by statute, combined with anticipated increased demand for services and infrastructure investment, would produce a short fall of at least $1 billion in Virginia's budget by FY2001. The study provided a framework for discussion of the need to reconsider public policy priorities, including reducing spending and/or increasing taxes to maintain a balanced state budget.
In 2001, the Council, in cooperation with other major business organizations, created the Coalition for Virginia's Future (CVF) to help improve state government efficiency and accountability.
In 2003, the VBC was instrumental in the formation of the Council on Virginia's Future, which was created to develop a vision and long-term goals for Virginia's future and a performance leadership and accountability system for state government that supports achievement of the vision. The Council is working to provide a long-term focus on high priority issues, create an environment for improved policy and budget decision-making, increase government accountability and transparency, improve government performance, and engage citizens in dialogue about Virginia's future.
The Council is an advisory board to the Governor and the General Assembly that supports the development and implementation of a roadmap for Virginia's future. Implementation is the responsibility of elected and appointed officials, regional and community leaders, and the people of Virginia. The Council plays a leadership role for positive change by providing a forum where legislative, executive branch and citizen leaders can come together to conduct work that transcends election cycles, partisanship, limited organizational boundaries, and short-term thinking. The Council regularly reviews progress on implementation of the roadmap process and updates the roadmap as needed.
In 2004, the VBC played an integral role in support of further reform of the Commonwealth's budget and tax structure to address the long-term structural imbalance in the budget. The Council supported a package of proposals that increased some taxes and decreased others with the overall result of an additional $1.4 billion in new revenue to sustain investment in core government services. Addressing the structural imbalance in Virginia's budget also preserved the Commonwealth's AAA bond rating.
From 2005-2008, the Council played a leadership role in support of new investment in Virginia's transportation and higher education infrastructure. During this period, the Governor and General Assembly advanced some important transportation initiatives that enabled additional one-time investments, expansion of public-private partnerships, land use reforms and additional taxing authority for certain local governments. However, initiatives to provide significant new sustainable revenue for investment in Virginia's critical transportation infrastructure needs were not enacted. In 2008, the Governor and General Assembly agreed on a major $2.6 billion higher education bond package for capital projects at Virginia's colleges and universities.
From 2009 to the present, the VBC has recommended new policy initiatives in the areas of Economic Growth and Fiscal Management, Education, Energy, and Transportation. Implementation of the recommended initiatives in these areas will promote economic growth and help sustain Virginia as the best place for business and to raise a child. The 2009-2010 Policy Initiatives can be found on the Policy Communications page of this website.