Economic Development Incentive Payments [312]
Secretarial Area: Commerce and Trade
Operating Budget Summary
This table shows the Governor's proposed budget for the next two years and the agency's official budget for the previous six years.
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Biennium Fiscal Year Source GF NGF Total
2010-2012 2011 Chapter 2, 2012 Acts of Assembly $49,995,436 $475,000 $50,470,436
2010-2012 2012 Chapter 2, 2012 Acts of Assembly $46,095,384 $375,000 $46,470,384
2012-2014 2013 Chapter 1, 2014 Acts of Assembly $54,451,745 $535,000 $54,986,745
2012-2014 2014 Chapter 1, 2014 Acts of Assembly $56,331,455 $1,175,000 $57,506,455
2014-2016 2015 Chapter 3, 2014 Acts of Assembly $51,910,436 $250,000 $52,160,436
2014-2016 2015 Base Budget $56,458,955 $375,000 $56,833,955
2014-2016 2015 Governor's Amendments $2,612,536 ($125,000) $2,487,536
2014-2016 2015 General Assembly Adjustments ($7,161,055) $0 ($7,161,055)
2014-2016 2016 Chapter 3, 2014 Acts of Assembly $67,613,444 $250,000 $67,863,444
2014-2016 2016 Base Budget $56,458,955 $375,000 $56,833,955
2014-2016 2016 Governor's Amendments $20,565,544 ($125,000) $20,440,544
2014-2016 2016 General Assembly Adjustments ($9,411,055) $0 ($9,411,055)
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2010-2012 2011 Chapter 2, 2012 Acts of Assembly 0.00 0.00 0.00
2010-2012 2012 Chapter 2, 2012 Acts of Assembly 0.00 0.00 0.00
2012-2014 2013 Chapter 1, 2014 Acts of Assembly 0.00 0.00 0.00
2012-2014 2014 Chapter 1, 2014 Acts of Assembly 0.00 0.00 0.00
2014-2016 2015 Chapter 3, 2014 Acts of Assembly 0.00 0.00 0.00
2014-2016 2015 Base Budget 0.00 0.00 0.00
2014-2016 2015 Governor's Amendments 0.00 0.00 0.00
2014-2016 2015 General Assembly Adjustments 0.00 0.00 0.00
2014-2016 2016 Chapter 3, 2014 Acts of Assembly 0.00 0.00 0.00
2014-2016 2016 Base Budget 0.00 0.00 0.00
2014-2016 2016 Governor's Amendments 0.00 0.00 0.00
2014-2016 2016 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Transfer funds for GAP Funds to IEIA Base Budget Adjustment
  Transfers Center for Innovative Technology's Growth Accelerator Program (GAP) Funds from Economic Development Incentive Payments to the Innovation and Entrepreneurship Investment Authority (IEIA). IEIA administers and manages this program.
 
  FY FY
General Fund ($3,200,000) ($3,200,000)
•
Adjust funding for various economic development grants and incentives Decision Package
  Adjusts funding for various economic development grants and incentives based on the schedule of anticipated payments to occur in the 2014-2016 biennium.
 
  FY FY
General Fund ($1,637,927) $16,064,957
•
Transfer funding for grants under the Virginia Jobs Investment Program Decision Package
  Transfers general fund support from the Department of Business Assistance to Economic Development Incentive Payments (EDIP) for grants awarded to eligible businesses under the Virginia Jobs Investment Program (VJIP). Legislation to be considered by the 2014 General Assembly transfers responsibility of the program to the Virginia Economic Development Partnership (VEDP). Funding for state incentives administered by VEDP is budgeted in EDIP.
 
  FY FY
General Fund $5,669,833 $5,669,833
•
Provide funding for mega site development Decision Package
  Provides support for the Major Employment and Investment (MEI) Site Planning Fund. The MEI Site Planning Fund assists political subdivisions with the development of mega sites to attract high-impact regional economic development projects to Virginia.
 
  FY FY
General Fund $0 $2,000,000
•
Provide additional funding for the Governor's Motion Picture Opportunity Fund Decision Package
  Provides additional funding for the Governor's Motion Picture Opportunity Fund. Base funding for the 2014-2016 biennium has been committed to a multi-year television series project. The additional funding allows the agency to continue to pursue additional motion picture and television projects during the 2014-2016 biennium.
 
  FY FY
General Fund $1,750,000 $0
•
Reduce nongeneral fund appropriation for the Motion Picture Opportunity Fund Decision Package
  Adjusts nongeneral fund appropriation for the Governor's Motion Picture Opportunity Fund to better reflect anticipated revenue from the digital media fee.
 
  FY FY
Nongeneral Fund ($125,000) ($125,000)
•
Increase funding for Virginia-Israel Advisory Board Decision Package
  Increases funding for the Virginia-Israel Advisory Board to reflect increasing operational costs. This funding increases the board's operating appropriation to $200,000 per year.
 
  FY FY
General Fund $24,639 $24,639
•
Adjust agency appropriation for the cost of Performance Budgeting system charges Decision Package
  Provides appropriation to pay for the agency's share of ongoing Performance Budgeting system operating and maintenance costs. The general fund share of this cost was previously budgeted in Central Appropriations.
 
  FY FY
General Fund $5,586 $5,586
•
Fund the Virginia-Israel Advisory Board costs for the new Cardinal accounting system Decision Package
  Provides appropriation to the agency's budget to pay for the agency's share of the costs for the new Cardinal accounting system. The Department of Accounts allocates the yearly cost of the system to agencies based upon the number of transactions the agency completed in the previous fiscal year.
 
  FY FY
General Fund $207 $281
•
Fund agency costs for the new Cardinal accounting system Decision Package
  Provides appropriation to the agency's budget to pay for the agency's share of the costs for the new Cardinal accounting system. The Department of Accounts allocates the yearly cost of the system to agencies based upon the number of transactions the agency completed in the previous fiscal year.
 
  FY FY
General Fund $133 $182
•
Fund changes in state employee workers' compensation premiums Decision Package
  Adjusts the Virginia-Israel Advisory Board's budget for workers' compensation premiums based on the allocation of 2015 and 2016 program costs provided by the Department of Human Resource Management. The allocation is based on the historical experience of the agency and reflects the current policy of providing agencies with 50 percent of any increased costs and allowing agencies to retain 50 percent of any reduced costs.
 
  FY FY
General Fund $65 $66
•
Clarify life sciences language Decision Package
  Clarifies that any institution that joins the life sciences research consortium will be considered a participating member for the purposes of conducting research.
•
Remove obsolete language Decision Package
  Removes obsolete budget language that refers to a project that never materialized.
•
Reduce econcomic incentive based on updated estimates General Assembly Adjustment
  This amendment reduces funding in the second year for support of an aerospace engine facility based on more recent estimates from the company as to when incentive targets will be met to qualify for full funding as authorized by the Code of Virginia.
 
  FY FY
General Fund $0 ($5,500,000)
•
Reduce funding for Commonwealth Research Commercialization Fund General Assembly Adjustment
  This amendment reduces the appropriation to the Commonwealth Research Commercialization Fund by $2.0 million in each year.
 
  FY FY
General Fund ($2,000,000) ($2,000,000)
•
Reduce appropriation for Governor's Development Opportunity Fund General Assembly Adjustment
  This amendment reduces the recommended general fund appropriation to the Governor's Development Opportunity Fund by $1.8 million in each year.
 
  FY FY
General Fund ($1,811,055) ($1,811,055)
•
Provide funding for Biofuels Production Fund General Assembly Adjustment
  This amendment provides funding and guidance for performance-based grant payments for qualifying producers from the Biofuels Production Fund.
 
  FY FY
General Fund $1,500,000 $1,500,000
•
Reduce funding for Motion Picture Fund General Assembly Adjustment
  This amendment reduces general fund support for the Motion Picture Opportunity Fund. A companion action adopted by the 2014 Session increases the tax credits available for film and TV production from $5.0 million per biennium to $6.5 million per year. The industry has indicated that tax credits are better incentives for these types of productions. In total, this will provide $8.9 million per year in film incentives.
 
  FY FY
General Fund ($2,350,000) ($600,000)
•
Reduce Life Sciences Balances General Assembly Adjustment
  This amendment reduces funding in the first year for the Life Sciences Consortium by $2.5 million but allows the consortium to utilize the same amount from balances left over from Fiscal Year 2013. Due to delays in organization of the consortium, no funds were expended in Fiscal Year 2013.
 
  FY FY
General Fund ($2,500,000) $0
•
Eliminate proposed funding for Major Employment and Investment site development fund General Assembly Adjustment
  This amendment eliminates funding proposed for the Major Employment and Investment site development fund as the project for which these funds were intended is not coming to fruition
 
  FY FY
General Fund $0 ($2,000,000)
•
Provide funding for World Police and Fire Games General Assembly Adjustment
  This amendment provides $1.0 million in Fiscal Year 2016 from the general fund to support Fairfax County as it works to host the 2015 World Police and Fire Games. The World Police and Fire Games are anticipated to have a direct economic impact of $66 million, resulting in $6.7 million in state tax revenue. The amendment would require Fairfax County to enter into a memorandum of understanding with the Commonwealth regarding the use of the funds.
 
  FY FY
General Fund $0 $1,000,000


p3_bullets - Official Enacted Budget - 06-04-2025 00:11:17