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 732, 2016 Acts of Assembly $61,826,436 $250,000 $62,076,436
2014-2016 2016 Chapter 732, 2016 Acts of Assembly $80,113,444 $250,000 $80,363,444
2016-2018 2017 Chapter 836, 2017 Acts of Assembly $52,391,610 $150,000 $52,541,610
2016-2018 2017 Previous Legislative Appropriation $63,834,360 $150,000 $63,984,360
2016-2018 2017 Governor's Amendments ($11,442,750) $0 ($11,442,750)
2016-2018 2017 General Assembly Adjustments $0 $0 $0
2016-2018 2018 Chapter 836, 2017 Acts of Assembly $46,505,799 $18,175,880 $64,681,679
2016-2018 2018 Previous Legislative Appropriation $53,859,529 $950,000 $54,809,529
2016-2018 2018 Governor's Amendments ($1,603,730) $19,725,880 $18,122,150
2016-2018 2018 General Assembly Adjustments ($5,750,000) ($2,500,000) ($8,250,000)
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)
•
Defer payment to support an aerospace engine facility Decision Package
  Adjusts the appropriation provided to support the location of an aerospace engine facility based on projected investment gains and job creation. Nongeneral fund appropriation is provided for payment of grants.
 
  FY FY
General Fund ($8,500,000) ($3,729,000)
Nongeneral Fund $0 $15,162,000
•
Adjust funding for incentive grants Decision Package
  Captures savings associated with a revised schedule of anticipated Virginia Investment Partnership and Virginia Economic Development Incentive Grant payments, and appropriates nongeneral fund cash previously deposited for payments that did not occur as scheduled.
 
  FY FY
General Fund ($942,750) ($5,874,730)
Nongeneral Fund $0 $4,563,880
•
Provide funding to meet economic development incentive commitment Decision Package
  Provides for the deposit of general fund appropriation to the Advanced Shipbuilding Production Facility Grant Fund to meet an economic development incentive commitment.
 
  FY FY
General Fund $0 $6,000,000
•
Defer deposit to the Pulp, Paper, and Fertilizer Advanced Manufacturing Performance Grant Fund Decision Package
  Shifts the general fund deposit to the Pulp, Paper, and Fertilizer Advanced Manufacturing Performance Grant Fund in FY 2017 to FY 2018 to coincide with anticipated investment and job creation performance grant awards.
 
  FY FY
General Fund ($2,000,000) $2,000,000
•
Pulp, Paper and Fertilizer Advanced Manufacturing Performance Grant Program Fund General Assembly Adjustment
  This amendment reduces $3.0 million of general fund appropriation for the Pulp, Paper and Fertilizer Advanced Manufacturing Performance Grant Program Fund to reflect anticipated investment and job creation performance grant awards.
 
  FY FY
General Fund $0 ($3,000,000)
•
Reverse NGF Appropriation for Aerospace Supplier Cluster Grant General Assembly Adjustment
  This amendment reverses the nongeneral fund appropriation of $2.5 million from the Aerospace Engine Manufacturing Supplier Cluster Grant Fund. In order for a qualified manufacturer to receive a payment under the Aerospace Engine Manufacturing Supplier Cluster Bonus Performance Grant Program, Virginia Code provides for the filing of an application with the Secretary of Commerce and Trade between July 1 and August 31, and the subsequent payment of the grant in the following fiscal year. No such application has been received. It is anticipated that funding will be appropriated from the general fund in the next biennium to fund grant payments after a qualified application is received.
 
  FY FY
Nongeneral Fund $0 ($2,500,000)
•
Virginia Bioscience Health Research Corporation General Assembly Adjustment
  This amendment reduces $1,250,000 from the general fund in the second year for the Virginia Biosciences Health Research Consortium.
 
  FY FY
General Fund $0 ($1,250,000)
•
Reduce Funding for Commonwealth's Development Opportunity Fund General Assembly Adjustment
  This amendment removes $1.0 million from the general fund the second year for the Commonwealth's Development Opportunity Fund (COF). The COF is a discretionary incentive available to the Governor and administered by the Virginia Economic Development Partnership to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
 
  FY FY
General Fund $0 ($1,000,000)
•
Tourism Incentives Grant Fund General Assembly Adjustment
  This amendment removes $500,000 from the general fund the second year for the Tourism Grant Incentives Program.
 
  FY FY
General Fund $0 ($500,000)
•
Authorization for Additional VEDIG Grants General Assembly Adjustment
  This language amendment authorizes the Governor to award additional grants not to exceed $4.0 million in aggregate between July 1, 2017, and June 30, 2018, to eligible companies under the existing Virginia Economic Development Incentive Grant (VEDIG) program. This brings the authorized aggregate amount of grants that may be outstanding to $34.0 million. Grant payments under the VEDIG program are paid in no less than five installments and do not begin until at least 36 months after the company has met capital investment and job creation targets. Grant awards are subject to appropriation by the General Assembly.


p3_bullets - Official Enacted Budget - 06-08-2025 03:47:46