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
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 1, 2018 Acts of Assembly $52,391,610 $150,000 $52,541,610
2016-2018 2018 Chapter 1, 2018 Acts of Assembly $44,360,799 $18,175,880 $62,536,679
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $41,684,808 $6,280,000 $47,964,808
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $87,912,498 $6,911,000 $94,823,498
2020-2022 2021 Chapter 552, 2021 Acts of Assembly, Special Session I $70,341,733 $150,000 $70,491,733
2020-2022 2021 Previous Legislative Appropriation $77,118,533 $780,000 $77,898,533
2020-2022 2021 Governor's Amendments ($6,776,800) ($630,000) ($7,406,800)
2020-2022 2021 General Assembly Adjustments $0 $0 $0
2020-2022 2022 Chapter 552, 2021 Acts of Assembly, Special Session I $75,765,483 $150,000 $75,915,483
2020-2022 2022 Previous Legislative Appropriation $55,117,283 $411,000 $55,528,283
2020-2022 2022 Governor's Amendments $3,318,200 ($261,000) $3,057,200
2020-2022 2022 General Assembly Adjustments $17,330,000 $0 $17,330,000
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 1, 2018 Acts of Assembly 0.00 0.00 0.00
2016-2018 2018 Chapter 1, 2018 Acts of Assembly 0.00 0.00 0.00
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 0.00 0.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 0.00 0.00
2020-2022 2021 Chapter 552, 2021 Acts of Assembly, Special Session I 0.00 0.00 0.00
2020-2022 2021 Previous Legislative Appropriation 0.00 0.00 0.00
2020-2022 2021 Governor's Amendments 0.00 0.00 0.00
2020-2022 2021 General Assembly Adjustments 0.00 0.00 0.00
2020-2022 2022 Chapter 552, 2021 Acts of Assembly, Special Session I 0.00 0.00 0.00
2020-2022 2022 Previous Legislative Appropriation 0.00 0.00 0.00
2020-2022 2022 Governor's Amendments 0.00 0.00 0.00
2020-2022 2022 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Remove Rolls-Royce Incentive Payments (2020 Special Session General Assembly Action - 112 #1c) Decision Package
  This amendment removes appropriations for economic development incentive payments related to the Rolls-Royce facility in Prince George County. The facility is closing due to a COVID-related drop in demand in the aerospace industry.
 
  FY FY
General Fund ($3,000,000) ($3,000,000)
Nongeneral Fund ($630,000) ($261,000)
•
Support a technology development grant program Decision Package
  Provides funding to support an economic development project as approved by the Major Employment and Investment Commission. The project will result in the establishment of a new software development and R&D regional hub in a qualified county. Legislation to be considered during the 2021 legislative session will establish the grant program.
 
  FY FY
General Fund $0 $5,625,000
•
Move reductions to agency budget Decision Package
  Moves the reductions included in Item 482.20 of the 2020 Special Session Appropriation Act from Central Appropriations to the agency budget.
 
  FY FY
General Fund ($1,000,000) ($3,000,000)
•
Technical Update to Planned Economic Development Incentive Payments (2020 Special Session General Assembly Action - 112 #2c) Decision Package
  This amendment postpones planned economic development incentive payments as a result of project delays caused by the COVID-19 pandemic and updated performance data.
 
  FY FY
General Fund ($2,776,800) ($436,800)
•
Adjust the Special Workforce Grant Fund payment schedule Decision Package
  Increases appropriation for deposit to the Special Workforce Grant Fund in order to meet the contractual obligation to an eligible company.
 
  FY FY
General Fund $0 $2,290,000
•
Restore the Virginia Jobs Investment Program (VJIP) Decision Package
  Provides additional appropriation for VJIP in the second year, level-funding the program at $4.7 million in each year.
 
  FY FY
General Fund $0 $2,000,000
•
Reduce the Virginia Investment Performance (VIP) Grant Decision Package
  Reduces appropriation for the Virginia Investment Partnership Grant (VIP) based on revised payment schedules.
 
  FY FY
General Fund $0 ($160,000)
•
Allot restored amounts (2020 Special Session General Assembly Action - Item 482.20) Decision Package
  Allots $2,000,000 in FY 2021 for amounts originally unalloted in Item 112.10 of Chapter 1289 (2020) and subsequently restored via 2020 Special Session General Assembly action in Item 482.20.
•
Infrastructure Upgrades for Pharmaceutical Manufacturing Economic Development General Assembly Adjustment
  This amendment provides $10.0 million in the second year from the general fund to improve a chemical plant complex located in the City of Petersburg. The improvements to the site will allow the facility to support economic development in the region through the recruitment and retention of pharmaceutical manufacturers. Funding is contingent upon (i) an executed performance agreement between Phlow Corporation, the City of Petersburg and the Virginia Economic Development Partnership; and (ii) an executed loan to the City of Petersburg through the Department of Environmental Quality's Virginia Clean Water Revolving Loan Fund.
 
  FY FY
General Fund $0 $10,000,000
•
HB 5001: MEI Shipping and Logistics Fund General Assembly Adjustment
  This amendment provides the initial payment for a recently approved MEI project. Funding is contingent upon the passage of House Bill 5001 in the 2021 General Assembly.
 
  FY FY
General Fund $0 $6,330,000
•
Governor's Motion Picture Opportunity Fund General Assembly Adjustment
  This amendment provides $1.0 million the second year from the general fund for the Governor's Motion Picture Opportunity Fund, restoring second year funding that was previously unallotted.
 
  FY FY
General Fund $0 $1,000,000
•
MEI Commission General Assembly Adjustment
  This amendment allows the Virginia Economic Development Partnership to authorize incentive packages that involve the in-state re-location of employers under $250,000 without the approval of the MEI Commission.


p3_bullets - Official Enacted Budget - 06-07-2025 17:14:25