Core Functions of REDBs

Five Core Functions of Regional Economic Development Boards (REDBs)

1. Develop and coordinate the implementation of a strategic economic plan (SEP) in each zone, supported by an integrated business plan. This Includes:
   
   
   1. Ensure an up-to-date plan consistent with the economic opportunities, local demographics and skills within the zone; add strategic opportunity areas as appropriate;
   2. Identify priority sectors including those sectors identified by government as important to the economic revival of each region/zone;
   3. Conduct an annual review of targets and initiatives resulting in the development of an Integrated Business Plan (Integrated Business Plan);( this should involve at least one dedicated meeting/session/day-long commitment each year prior to the AGM and renewal process, including INTRD)
   4. Engage sub-zonal stakeholders in the Integrated Business Plan development process;(local integration)
   5. Engage appropriate departments and agencies, both federal and provincial in the development process;(government buy-in and integration)
   6. Assess and identify implementation capacity and support the development of new external capacity where necessary;
   7. Where necessary develop implementation agreements;
   8. Develop an appropriate monitoring and evaluation (accountability framework) process that identifies outputs, outcomes and effectiveness of initiatives; monitor for effectiveness.
      
      
2. Develop a strong partnership with municipalities in each zone that incorporates the strategies and priorities of municipalities in the economic planning process. This includes:
   
   
   1. Enter into a formal relationship with the Newfoundland and Labrador Federation of Municipalities to develop more effective representation in the economic development process;
   2. Work with individual municipalities to develop meaningful economic development clusters and REDB representation;
   3. Engage municipalities in strategy and priority development as part of the strategic planning process;
   4. Engage municipalities in implementation of initiatives
      
      
3. Develop partnerships in planning and implementation with Chambers of Commerce, Industry Associations, labour organizations, post secondary institutions, CBDCs, and other zones that advance and support the economic and entrepreneurial environment of a zone. This includes:
   
   
   1. Engage zonal stakeholders in the development of the zonal strategic plan;
   2. Ensure that the SEP is a zonal document, representing and including appropriate sub-zonal organizations with a stake in economic development;
   3. Avail of municipal, business and organizational resources in committee and task force activity;
   4. Identify, partner and provide support to the lead implementing stakeholder
      
      
4. Undertake capacity building and provide support to stakeholders to strengthen the economic environment of the zone. This Includes:
   
   
   1. Support, encourage and assist in community/regional and organizational mobilization, strategic planning, implementation and aftercare related to regional economic development;
   2. Build partnerships with and support Chambers of Commerce, Employer and employee organizations, appropriate Industry Associations, CBDC’s;
   3. Support and assist community economic planning processes;
   4. Assist with project development, planning and implementation;
   5. Create awareness of the strategic directions of the Board and solicit organizational input in the planning process;
      
      
5. Coordinate and facilitate linkages with federal /provincial /municipal government departments and agencies in support of the strategic economic plan. This Includes:
   
   
   1. REDBs must work with the orders of government in coordinating and facilitating opportunities that have been identified through their strategic economic plans. Opportunities identified by REDBs to advance economic development will require the creation and development of effective and meaningful linkages with government line departments and agencies that are essential to the success of an economic zone.

Staff will be responsible for encouraging the implementation of these functions in accordance with the following policies and procedures.