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 780, 2016 Appropriation Act $63,834,360 $150,000 $63,984,360
2016-2018 2017 Base Budget $79,113,444 $250,000 $79,363,444
2016-2018 2017 Governor's Amendments $20,020,916 ($100,000) $19,920,916
2016-2018 2017 General Assembly Adjustments ($35,300,000) $0 ($35,300,000)
2016-2018 2018 Chapter 780, 2016 Appropriation Act $53,859,529 $950,000 $54,809,529
2016-2018 2018 Base Budget $79,113,444 $250,000 $79,363,444
2016-2018 2018 Governor's Amendments $13,046,085 $700,000 $13,746,085
2016-2018 2018 General Assembly Adjustments ($38,300,000) $0 ($38,300,000)
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 780, 2016 Appropriation Act 0.00 0.00 0.00
2016-2018 2017 Base Budget 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 780, 2016 Appropriation Act 0.00 0.00 0.00
2016-2018 2018 Base Budget 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)
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Transfer Biofuels Production Grant funding to the Department of Mines, Minerals and Energy Base Budget Adjustment
  Transfers funding for the Biofuels Production Fund from Economic Development Incentive Payments to the Department of Mines, Minerals, and Energy (DMME). Grants from the fund are awarded and expended under DMME and DMME administers the program.
 
  FY FY
General Fund ($1,500,000) ($1,500,000)
•
Adjust appropriation for centrally funded retirement rate changes Base Budget Adjustment
  Adjusts appropriation for changes in state employee retirement rates to 80 percent of the Virginia Retirement System Board certified rates budgeted in Central Appropriations, Item 467.H. of Chapter 665, 2015 Acts of Assembly. A companion adjustment provides funding to increase state employee retirement rates to 90 percent of the Virginia Retirement System Board certified rate.
 
  FY FY
General Fund $3,290 $3,290
•
Adjust appropriation for the centrally funded two percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the two percent salary increase for state employees budgeted in Central Appropriations, Item 467.P. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
General Fund $2,258 $2,258
•
Adjust appropriation to accelerate the employer retirement contribution phase in schedule Base Budget Adjustment
  Adjusts appropriation for changes in employee retirement rates to 90 percent of the Virginia Retirement System Board certified rate budgeted in Central Appropriations, Item 467.U. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
General Fund $1,790 $1,790
•
Adjust appropriation for the centrally funded compression pay adjustment for state employees Base Budget Adjustment
  Adjusts appropriation for the compression pay adjustment for state employees budgeted in Central Appropriations, Item 467.Q. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
General Fund $1,116 $1,116
•
Adjust appropriation for centrally funded health insurance costs Base Budget Adjustment
  Adjusts appropriation for the employer’s share of health insurance premiums budgeted in Central Appropriations, Item 467.G. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
General Fund $864 $864
•
Adjust appropriation for centrally funded state employee other post employment benefit rate changes Base Budget Adjustment
  Adjusts appropriation for changes in state employee other post employment benefit rates budgeted in Central Appropriations, Item 467.K.3. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
General Fund $129 $129
•
Provide funding for proposals to create biotechnology spinoff companies Decision Package
  Provides funding for a collaboration to create biotechnology spinoff companies. The funding will be on a competitive grant basis. Proposals will be vetted through the Virginia Biosciences Health Research Corporation to evaluate merit, and reviewed by the Major Employment and Investment (MEI) Project Approval Commission for financial and programmatic value before being approved for funding.
 
  FY FY
General Fund $30,000,000 $30,000,000
•
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 2016-2018 biennium.
 
  FY FY
General Fund ($15,838,596) ($26,313,436)
Nongeneral Fund $0 $800,000
•
Provide additional funding for a bioscience initiative Decision Package
  Provides additional funding for a bioscience initiative to expand the role of the Virginia Biosciences Health Research Corporation. Additional funding increases the amount of funding available for research grants and provides for the development of infrastructure tools to facilitate bioscience research.
 
  FY FY
General Fund $5,000,000 $7,500,000
•
Provide funding for the Pulp, Paper, and Fertilizer Advanced Manufacturing Performance Grant Program Fund Decision Package
  Provides general fund appropriation to fund the Pulp, Paper, and Fertilizer Advanced Manufacturing Performance Grant Program Fund.
 
  FY FY
General Fund $2,000,000 $3,000,000
•
Provide funding to be used for trade missions Decision Package
  Provides additional funding to facilitate Governor approved marketing and trade missions.
 
  FY FY
General Fund $1,000,000 $1,000,000
•
Remove one-time funding for an international athletic competition Decision Package
  Removes funding and language associated with one-time support to Fairfax County to host an international athletic competition in 2015.
 
  FY FY
General Fund ($1,000,000) ($1,000,000)
•
Provide additional funding for the Governor's Motion Picture Opportunity Fund Decision Package
  Provides additional funding for the Governor's Motion Picture Opportunity Fund.
 
  FY FY
General Fund $600,000 $600,000
•
Transfer funding for Pre-Hire Immersion Training Program Decision Package
  Transfers funding for the Pre-Hire Immersion Training Program for ship repair skilled workers to the Virginia Community College System.
 
  FY FY
General Fund ($250,000) ($250,000)
•
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 ($100,000) ($100,000)
•
Adjust appropriation to support workers' compensation premiums Decision Package
  Supports the agency's workers' compensation premiums based on the allocation of 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 $43 $45
•
Adjust appropriation for the costs of the new Cardinal financial system Decision Package
  Reflects the agency's share of the costs of 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 $22 $29
•
Remove earmarks from the Commonwealth's Development Opportunity Fund appropriation Decision Package
  Removes language which redirected appropriation for the Commonwealth's Development Opportunity Fund to other programs.
•
Eliminate New Funding for Biotechnology Spinoffs General Assembly Adjustment
  This amendment eliminates new funding included in the introduced budget to develop biotechnology spinoff companies.
 
  FY FY
General Fund ($30,000,000) ($30,000,000)
•
Virginia Biosciences Health Research Corporation General Assembly Adjustment
  This amendment provides $2.5 million the first year and $5.0 million the second year from the general fund to support the Virginia Biosciences Health Research Corporation.
 
  FY FY
General Fund ($5,000,000) ($5,000,000)
•
Transfer CRCF to CIT General Assembly Adjustment
  This amendment removes the Commonwealth Research Commercialization Fund (CRCF) from Economic Development Incentive Payments. A separate amendment transfers the fund to the Innovation and Entrepreneurship Investment Authority Item 428.
 
  FY FY
General Fund ($2,800,000) ($2,800,000)
•
Additional Funding for the Motion Picture Opportunity Fund General Assembly Adjustment
  This amendment provides additional funding of $3.0 million from the general fund in the first year to the Governor's Motion Picture Opportunity Fund to increase the appropriation in the fund from $3.0 million to $6.0 million in fiscal year 2017. All of the funding proposed in the introduced budget is obligated to current projects and there is no funding available to attract additional projects.
 
  FY FY
General Fund $3,000,000 $0
•
Reduce Additional Funding for VEDP Trade Missions General Assembly Adjustment
  This amendment removes $500,000 of the proposed $1.0 million from the general fund each year for additional marketing and trade missions for the Virginia Economic Development Partnership.
 
  FY FY
General Fund ($500,000) ($500,000)
•
Authorize the use of CHRB funding for joint projects with VBHRC General Assembly Adjustment
  This amendment authorizes the expenditure of up to $2.5 million of funds managed by the Commonwealth Health Research Board toward collaborative research projects between CHRB and VBHRC that would support Virginia's core bioscience strengths, improve human health, and demonstrate commercial viability and a high likelihood of creating new companies and jobs in Virginia.


p3_bullets - Official Enacted Budget - 06-06-2025 14:05:54