Virginia Economic Development Partnership [310]
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 $18,444,647 $0 $18,444,647
2010-2012 2012 Chapter 2, 2012 Acts of Assembly $18,699,713 $0 $18,699,713
2012-2014 2013 Chapter 1, 2014 Acts of Assembly $17,849,466 $0 $17,849,466
2012-2014 2014 Chapter 1, 2014 Acts of Assembly $17,824,746 $0 $17,824,746
2014-2016 2015 Chapter 732, 2016 Acts of Assembly $20,387,705 $0 $20,387,705
2014-2016 2016 Chapter 732, 2016 Acts of Assembly $19,276,464 $0 $19,276,464
2016-2018 2017 Chapter 836, 2017 Acts of Assembly $25,508,967 $0 $25,508,967
2016-2018 2017 Previous Legislative Appropriation $26,851,544 $0 $26,851,544
2016-2018 2017 Governor's Amendments ($1,342,577) $0 ($1,342,577)
2016-2018 2017 General Assembly Adjustments $0 $0 $0
2016-2018 2018 Chapter 836, 2017 Acts of Assembly $26,035,046 $0 $26,035,046
2016-2018 2018 Previous Legislative Appropriation $27,351,546 $0 $27,351,546
2016-2018 2018 Governor's Amendments ($8,115,886) $0 ($8,115,886)
2016-2018 2018 General Assembly Adjustments $6,799,386 $0 $6,799,386
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 732, 2016 Acts of Assembly 0.00 0.00 0.00
2014-2016 2016 Chapter 732, 2016 Acts of Assembly 0.00 0.00 0.00
2016-2018 2017 Chapter 836, 2017 Acts of Assembly 0.00 0.00 0.00
2016-2018 2017 Previous Legislative Appropriation 0.00 0.00 0.00
2016-2018 2017 Governor's Amendments 0.00 0.00 0.00
2016-2018 2017 General Assembly Adjustments 0.00 0.00 0.00
2016-2018 2018 Chapter 836, 2017 Acts of Assembly 0.00 0.00 0.00
2016-2018 2018 Previous Legislative Appropriation 0.00 0.00 0.00
2016-2018 2018 Governor's Amendments 0.00 0.00 0.00
2016-2018 2018 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Transfer support for international trade to establish the Virginia International Trade Corporation Decision Package
  Transfers appropriation associated with the International Trade Division of the Virginia Economic Development Partnership to the newly established Virginia International Trade Corporation pursuant to Chapter 749 of the 2016 Acts of Assembly.
 
  FY FY
General Fund $0 ($6,232,811)
•
Reflect October 2016 Savings in agency budgets Decision Package
  Reflects the savings included in the Governor's October 2016 Savings Plan.
 
  FY FY
General Fund ($1,342,577) $0
•
Reduce support for the Brownfields Restoration and Redevelopment Assistance Fund Decision Package
  Reduces $1.3 million of a total of $2.25 million of general fund appropriation for the program. This is a continuation of a savings strategy included in the FY 2017 Savings Plan released in October 2016.
 
  FY FY
General Fund $0 ($1,297,366)
•
Establish internal audit position Decision Package
  Provides support for an internal audit position. The position will report directly to the Virginia Economic Development Partnership Board of Directors. Responsibilities will include ensuring that policies and procedures are efficiently followed by staff, monitoring and reporting on the status of the implementation of recommendations in the November Joint Legislative Audit and Review Commission report, and carrying out board-directed audit activities.
 
  FY FY
General Fund $0 $168,291
•
Reduce funding for the Virginia Business Ready Sites Program Decision Package
  Decreases general fund support for the Virginia Business Ready Sites Program, a new program that provides grants on a competitive basis to elevate the readiness of sites for economic development projects.
 
  FY FY
General Fund $0 ($125,000)
•
Reduce variable operating expenses Decision Package
  Reduces discretionary spending throughout the Partnership.
 
  FY FY
General Fund $0 ($124,000)
•
Eliminate vacant position in the Virginia Jobs Investment Program Decision Package
  Eliminates support for one of three new positions funded during the 2016 Session. This reduction does not impact the program's grant funding.
 
  FY FY
General Fund $0 ($100,000)
•
Decrease support for sponsorships Decision Package
  Decreases support for specialized events, both in marketing and general economic development.
 
  FY FY
General Fund $0 ($75,000)
•
Reduce funding for the Going Global Defense Initiative Decision Package
  Decreases funding for the program by five percent. The remaining funds are sufficient to execute the program's objectives, which include assistance with strategy, export compliance, matchmaking, and translation to eligible defense-related companies.
 
  FY FY
General Fund $0 ($75,000)
•
Reduce pass-through funding for the Commonwealth Center for Advanced Manufacturing Decision Package
  Reduces pass-through funding for the Commonwealth Center for Advanced Manufacturing (CCAM). After this reduction, $925,000 will be available in FY 2018 for CCAM.
 
  FY FY
General Fund $0 ($75,000)
•
Eliminate India lead generation and representation contract Decision Package
  Discontinues the lead generation contract for India as the number of leads and projects generated by this contract has decreased.
 
  FY FY
General Fund $0 ($60,000)
•
Reduce funding for the Virginia International Trade Alliance Decision Package
  Reduces funding for the Virginia International Trade Alliance (VITAL) by five percent. VITAL is a program by which the Virginia Economic Development Partnership collaborates with Virginia colleges, trade associations, and the Chamber of Commerce to assist companies in exporting their products.
 
  FY FY
General Fund $0 ($50,000)
•
Reduce funding for the State Trade and Export Promotion program Decision Package
  Reduces funding for the State Trade and Export Promotion Grant (STEP) by five percent. STEP is designed to enhance exports by small businesses.
 
  FY FY
General Fund $0 ($25,000)
•
Reduce support for international trade shows Decision Package
  Reduces general fund support provided during the 2016 Session to assist companies attend trade shows. This new program provides grants to companies to attend trade shows and market their products. The savings represent a 10 percent reduction in funds.
 
  FY FY
General Fund $0 ($25,000)
•
Reduce the Virginia Leaders in Export Trade Program Decision Package
  Decreases additional funding for the Virginia Leaders in Export Trade Program (VALET) provided during the 2016 General Assembly Session by five percent. VALET is a two-year business acceleration program that provides companies with funding for use toward export related expenses, sales plan development, and international research.
 
  FY FY
General Fund $0 ($20,000)
•
Reverse Transfer of Funding to Virginia International Trade Corporation General Assembly Adjustment
  This amendment reverses the transfer of $6.2 million from the general fund from the Virginia Economic Development Partnership (VEDP) to the newly created Virginia International Trade Corporation. These funds represent the general fund resources associated with the International Trade Division within VEDP. Related amendments reverse all new funding to create the proposed new agency.
 
  FY FY
General Fund $0 $6,232,811
•
Brownfields Restoration Fund General Assembly Adjustment
  This amendment restores the reduction in the introduced budget to the original amount contained in Chapter 780 of $2.25 million for the second year. The Virginia Brownfields Restoration and Economic Development Assistance Fund has been successfully used to restore environmentally degraded property back to productive use.
 
  FY FY
General Fund $0 $1,297,366
•
Virginia Economic Development Partnership Business-Ready Sites Program General Assembly Adjustment
  This amendment reduces funding for VEDP's Business-Ready Sites Program by $562,500 from the general fund in the second year.
 
  FY FY
General Fund $0 ($562,500)
•
Reverse Funding to Hire Additional Staff at VEDP General Assembly Adjustment
  This amendment reverses the proposed $168,291 from the general fund to support hiring additional staff. New staff activities directed by the General Assembly, including internal audit functions, shall be supported by existing general fund resources.
 
  FY FY
General Fund $0 ($168,291)
•
VEDP Reporting Language General Assembly Adjustment
  This amendment requires that VEDP provide its strategic, marketing and operational plans to the JLARC Special Subcommittee for Economic Development. In addition, VEDP is required to submit their plans for establishing the new Auditor, Incentives Division, and International Trade Division, so that the General Assembly may make determinations about potential added costs. Lastly, the language authorizes the Comptroller to withhold $1.5 million of general fund appropriation provided for VEDP in FY 2018 until the Chairmen of House Appropriations and Senate Finance believe that VEDP has met the aforementioned requirements.


p3_bullets - Official Enacted Budget - 06-08-2025 00:40:02