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 1, 2022 Acts of Assembly, Special Session 1 $70,341,733 $150,000 $70,491,733
2020-2022 2021 Previous Legislative Appropriation $70,341,733 $150,000 $70,491,733
2020-2022 2021 Governor's Amendments $0 $0 $0
2020-2022 2021 General Assembly Adjustments $0 $0 $0
2020-2022 2022 Chapter 1, 2022 Acts of Assembly, Special Session 1 $97,935,483 $150,000 $98,085,483
2020-2022 2022 Previous Legislative Appropriation $75,765,483 $150,000 $75,915,483
2020-2022 2022 Governor's Amendments $3,670,000 $0 $3,670,000
2020-2022 2022 General Assembly Adjustments $18,500,000 $0 $18,500,000
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 1, 2022 Acts of Assembly, Special Session 1 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 1, 2022 Acts of Assembly, Special Session 1 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)
•
Fund infrastructure commitments for economic development project in Wythe County Decision Package
  Provides appropriation to meet the commitments made to upgrade infrastructure at Progress Park in Wythe County
 
  FY FY
General Fund $0 $8,500,000
•
Eliminate funding for the Shipping and Logistics Custom Grant Decision Package
  Removes funding provided for this grant payment due to changes in the payment schedule and performance agreement
 
  FY FY
General Fund $0 ($6,330,000)
•
Restore funding paid to Jefferson Lab Decision Package
  Returns general fund appropriation to the Commonwealth Opportunity Fund that was previously diverted for a project at Jefferson Lab
 
  FY FY
General Fund $0 $1,500,000
•
MEI Project for CoStar General Assembly Adjustment
  This amendment provides $15.0 million from the general fund in fiscal year 2022 to support infrastructure site improvements for the CoStar economic development expansion project in downtown Richmond. This project has been approved by the MEI Commission.
 
  FY FY
General Fund $0 $15,000,000
•
MEI Project for Rocket Labs General Assembly Adjustment
  This amendment provides $15.0 million from the general fund in fiscal year 2022 to support the Rocket Labs economic development project at Wallops Island. This project has been approved by the MEI Commission.
 
  FY FY
General Fund $0 $15,000,000
•
Change Fund Source for Petersburg Water and Wastewater Upgrades General Assembly Adjustment
  This amendment removes $10.0 million of general fund spending provided to the City of Petersburg during the 2021 General Assembly Session to upgrade water and wastewater capacity at Poor Creek Pump Station. A companion amendment to House Bill 30 directs $29.6 million in fiscal year 2023 to the City of Petersburg for the entire cost of this project from remaining federal American Rescue Plan Act funds.
 
  FY FY
General Fund $0 ($10,000,000)
•
Continue Jefferson Labs Project Funding Policy General Assembly Adjustment
  This amendment continues a funding policy approved in Chapter 552 of the 2021 Acts of Assembly, Special Session I related to a high performance data facility project at Jefferson Labs.
 
  FY FY
General Fund $0 ($1,500,000)
•
MEI Project for Blue Star Manufacturing General Assembly Adjustment
  This amendment adds the required wage threshold to the parameters of the Blue Star Manufacturing economic development project in Wythe County, recently approved by the MEI Commission.


p3_bullets - Official Enacted Budget - 11-02-2026 11:58:53