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154.10.125 Content and effect of strategic economic development plan.

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154.10-125 Content and effect of strategic economic development plan. (1) The strategic economic development plan shall include, but not be limited to: (a) A review with reconfirmation or modification of stated goals; <br>(b) An analysis of the current world economy and its impact on the economy of Kentucky and the nature of the competitive environment within which <br>Kentucky's workforce and businesses must compete; (c) An analysis of broad trends of economic change; <br>(d) The identification of the position of Kentucky's workforce, businesses, and communities relative to the external economic environment; (e) A statewide and regional assessment of Kentucky's economic strengths and weaknesses; (f) An analysis of the sustainability of Kentucky's economy over time; and <br>(g) Identification of strategies, objectives, and actions to be taken to improve Kentucky's competitive position with focus given to human and natural <br>resources development, infrastructure, capital, technology, entrepreneurship, <br>modernization, quality of life, and institutional development. (2) Under each strategy, a discussion shall be provided of the objectives to be established within a set time frame, including: <br>(a) Programs to be established and administered; <br>(b) Funding required; and <br>(c) Public policies to be pursued. (3) In the development of the initial strategic economic development plan, the board shall be guided by, but not limited to, the following principles: <br>(a) Economic development shall be a partnership of government, private business, local communities, and education; (b) Growth of jobs and incomes shall come from new business creation in Kentucky, existing Kentucky businesses, and attraction of new business to <br>Kentucky; (c) Economic development and environmental protection are compatible objectives; (d) Strategies for economic development shall focus on: 1. Systems, not programs; 2. Regions and sectors, not individual businesses; 3. Decentralization; 4. Participation by users; 5. Helping communities to help themselves; 6. Activities that will make Kentucky products globally competitive; 7. Education and assistance, as well as financing; 8. Financing as an investment; 9. Retaining and growing Kentucky businesses; 10. Creating high value job opportunities to all who have prepared themselves; and 11. Encouragement of private sector investment. (e) Economic development strategies approved by the board shall remain flexible to keep Kentucky competitive in a rapidly changing environment. Effective: July 14, 1992 History: Created 1992 Ky. Acts ch. 105, sec. 13, effective July 14, 1992.