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 1289, 2020 Acts of Assembly $77,118,533 $780,000 $77,898,533
2020-2022 2021 Base Budget $87,912,498 $5,911,000 $93,823,498
2020-2022 2021 Governor's Amendments ($8,718,965) ($5,131,000) ($13,849,965)
2020-2022 2021 General Assembly Adjustments ($2,075,000) $0 ($2,075,000)
2020-2022 2022 Chapter 1289, 2020 Acts of Assembly $55,117,283 $411,000 $55,528,283
2020-2022 2022 Base Budget $87,912,498 $5,911,000 $93,823,498
2020-2022 2022 Governor's Amendments ($31,120,215) ($5,500,000) ($36,620,215)
2020-2022 2022 General Assembly Adjustments ($1,675,000) $0 ($1,675,000)
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 1289, 2020 Acts of Assembly 0.00 0.00 0.00
2020-2022 2021 Base Budget 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 1289, 2020 Acts of Assembly 0.00 0.00 0.00
2020-2022 2022 Base Budget 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 one-time appropriation for a grant payment Base Budget Adjustment
  Reduces funding provided for a grant payment from the Semiconductor Manufacturing Grant Fund to reflect the estimated payment amount in FY 2021, and eliminates the $50.0 million in funding in FY 2022, as the final payment of $20.0 million will occur in FY 2021.
 
  FY FY
General Fund ($30,000,000) ($50,000,000)
•
Remove appropriation provided for central service charges Base Budget Adjustment
  Eliminates appropriation provided for central service charges which will no longer be allocated to this pass-through account.
 
  FY FY
General Fund ($5,765) ($5,765)
•
Fund the Aerospace Engine Manufacturing Performance Grant Program Decision Package
  Provides appropriation to meet the requirements of the Aerospace Engine Manufacturing Performance Grant Program, established in Section 59.1-284.20, Code of Virginia, and adjusts nongeneral fund appropriation to meet the requirements of the Aerospace Engine Manufacturer Workforce Training Grant Program, established in Section 59.1-284.22, Code of Virginia.
 
  FY FY
General Fund $3,000,000 $3,000,000
Nongeneral Fund ($5,131,000) ($5,500,000)
•
Fund the Advanced Shipbuilding Production Facility Grant Program Decision Package
  Provides appropriation to meet the requirements of the Advanced Shipbuilding Production Facility Grant Program established in Section 59.1-284.29, Code of Virginia.
 
  FY FY
General Fund $8,000,000 $8,000,000
•
Fund the Special Workforce Grant Program Decision Package
  Provides appropriation to meet the requirements of the Special Workforce Grant Program established in Section 59.1-284.30, Code of Virginia
 
  FY FY
General Fund $5,310,000 $2,900,000
•
Transfer the Virginia Biosciences Health Research Corporation to the Virginia Innovation Partnership Authority Decision Package
  Transfers the Virginia Biosciences Health Research Corporation (VBHRC) to the Virginia Innovation Partnership Authority, a new authority to be established in legislation to be considered during the 2020 legislative session. A corresponding amendment establishes VBHRC under the new authority.
 
  FY FY
General Fund ($3,750,000) ($3,750,000)
•
Provide additional funding for the Governor's Motion Picture Opportunity Fund Decision Package
  Provides additional funding for the Governor's Motion Picture Opportunity Fund, bringing total general fund support to $6.5 million in each year.
 
  FY FY
General Fund $3,500,000 $3,500,000
•
Support a pharmaceutical manufacturing economic development project 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 pharmaceutical company in a qualified locality. Legislation to be considered during the 2020 legislative session will establish the grant program.
 
  FY FY
General Fund $3,230,000 $2,993,750
•
Adjust support for the Virginia Economic Development Incentive Grant Decision Package
  Reduces appropriation for the Virginia Economic Development Incentive Grant Fund (VEDIG) based on revised payment schedules. The base contains $1.0 million in each year for payments.
 
  FY FY
General Fund ($2,000,000) ($2,000,000)
•
Support a truck manufacturing economic development project 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 truck manufacturing company in a qualified locality. Legislation to be considered during the 2020 legislative session will establish the grant program.
 
  FY FY
General Fund $2,000,000 $2,000,000
•
Support the Virginia Jobs Investment Program Decision Package
  Increases the appropriation for the Virginia Jobs Investment Program bringing total grant funding to $4.7 million in each year.
 
  FY FY
General Fund $2,000,000 $2,000,000
•
Support an advanced production economic development project 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 production facility in a qualified county. Legislation to be considered during the 2020 legislative session will establish the grant program.
 
  FY FY
General Fund $0 $500,000
•
Adjust funding for the Virginia Investment Partnership Grant Decision Package
  Reduces appropriation for the Virginia Investment Partnership Grant (VIP) based on revised payment schedules. The base includes $5.2 million the first year and $4.9 million the second year.
 
  FY FY
General Fund ($3,200) ($258,200)
•
Adjust funding for the Motion Picture Opportunity Fund General Assembly Adjustment
  This amendment adjusts the additional funding provided for the Governor's Motion Picture Opportunity Fund provided in the introduced budget by $2.5 million each year.
 
  FY FY
General Fund ($2,500,000) ($2,500,000)
•
Provide funding for the Governor's New Airline Service Incentive Fund General Assembly Adjustment
  This amendment provides $425,000 the first year and $825,000 the second year from the general fund to establish the Governor's New Airline Service Incentive Fund administered by the Virginia Tourism Corporation.
 
  FY FY
General Fund $425,000 $825,000
•
Unallot spending increases in response to potential revenue shortfall (Reconvened Amendment) General Assembly Adjustment
  Creates a language item to require the unallotment of new discretionary spending amounts ($3,000,000 in FY2021 and $3,000,000 in FY2022).


p3_bullets - Official Enacted Budget - 06-07-2025 15:58:51