Funding Expected To Remain Steady for GA Innovation Initiatives

Georgia lawmakers have approved a $40 billion FY16 state budget (HB 76), which is now awaiting the signature of Gov. Nathan Deal. The governor has line-item veto authority over the final document, but most appropriations related to innovation and economic development are consistent with the governor's proposed levels.

Georgia's Department of Economic Development would receive about $30.8 million in state funds under the accepted budget. Within the department, the Global Commerce office and its programs would receive $10.3 million. Innovation and Technology would receive $1.5 million, a large decrease from FY15 due to the transfer of funding for the Georgia Research Alliance (GRA) from Innovation and Technology to the state's Board of Regents.

GRA would receive $16.2 million in FY16, with a small decrease due to the winding down of tobacco settlement funds. Those funds had provided support for Georgia's cancer research program, which is now ending. The budget, however, would provide a substantial increase in bond funding to provide capital funding for lab infrastructure. In FY15, $5.8 million was allotted for these capital improvements, which would grow to $8.2 million in FY16.

In addition, GRA's R&D Centers of Excellence would receive $2.5 million, and the state's technology accelerators would receive $100,000. GRA Ventures, which supports company formation, is allotted $3.5 million.

Georgia's Enterprise Innovation Institute, which helps increase the competitiveness of the state's technology and manufacturing businesses, would receive $8.6 million. The Georgia Tech Research Institute would receive $5.7 million.