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
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 $70,341,733 $150,000 $70,491,733
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $97,935,483 $150,000 $98,085,483
2022-2024 2023 Chapter 1, 2023 Acts of Assembly, Special Session 1 $155,433,083 $150,000 $155,583,083
2022-2024 2023 Previous Legislative Appropriation $155,433,083 $150,000 $155,583,083
2022-2024 2023 Governor's Amendments $286,160,000 $1,000,000 $287,160,000
2022-2024 2023 General Assembly Adjustments ($286,160,000) ($1,000,000) ($287,160,000)
2022-2024 2024 Chapter 1, 2023 Acts of Assembly, Special Session 1 $414,216,290 $150,000 $414,366,290
2022-2024 2024 Previous Legislative Appropriation $152,547,290 $150,000 $152,697,290
2022-2024 2024 Governor's Amendments $250,880,000 $0 $250,880,000
2022-2024 2024 General Assembly Adjustments $10,789,000 $0 $10,789,000
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 0.00 0.00 0.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 0.00 0.00
2022-2024 2023 Chapter 1, 2023 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2022-2024 2023 Previous Legislative Appropriation 0.00 0.00 0.00
2022-2024 2023 Governor's Amendments 0.00 0.00 0.00
2022-2024 2023 General Assembly Adjustments 0.00 0.00 0.00
2022-2024 2024 Chapter 1, 2023 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2022-2024 2024 Previous Legislative Appropriation 0.00 0.00 0.00
2022-2024 2024 Governor's Amendments 0.00 0.00 0.00
2022-2024 2024 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Invest in site development Decision Package
  Provides appropriation to identify and acquire one or more industrial sites to be owned by the Commonwealth, or for deposit to the Business Ready Sites Program Fund, established in § 2.2-2240.2:1, Code of Virginia. Funding in the second year is contingent upon actual general fund revenue collections for fiscal year 2023 being equal to or in excess of the official fiscal year 2023 revenue estimate.
 
  FY FY
General Fund $200,000,000 $250,000,000
•
Appropriate surplus funds for Business Ready Sites Fund Decision Package
  Allocates additional funding to the program for grants. This funding was contingently appropriated from 2022 actual revenue collections pursuant to Item 485 L., Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
General Fund $50,000,000 $0
•
Appropriate contingent balance to the Major Headquarters Workforce Grant Fund Decision Package
  Provides funding for an additional deposit to the Major Headquarters Workforce Grant Fund. This funding was contingently appropriated from 2022 actual revenue collections pursuant to Item 485 L., Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
General Fund $35,500,000 $0
•
Provide additional appropriation for the Virginia Economic Development Incentive Grant Decision Package
  Increases appropriation for the Virginia Economic Development Incentive Grant to support the revised incentive payment schedule.
 
  FY FY
General Fund $660,000 $1,060,000
Nongeneral Fund $1,000,000 $0
•
Adjust the Virginia Investment Performance grant schedule Decision Package
  Updates the appropriation for the Virginia Investment Performance grants based on anticipated distributions.
 
  FY FY
General Fund $0 ($180,000)
•
Reverse Introduced Operating Budget Amendments (2023 Session HB 1400 Conference Action) General Assembly Adjustment
  This amendment reverses the operating budget amendments proposed in HB 1400 / SB 800 as introduced. The passage of the conference substitute to HB 1400 nullifies the introduced amendments. To reflect the General Assembly action, this amendment reverses the aggregate total of proposed introduced budget changes for this agency.
 
  FY FY
General Fund ($286,160,000) ($250,880,000)
Nongeneral Fund ($1,000,000) $0
•
2023 Special Session I Amendments: Business Ready Sites Program Fund General Assembly Adjustment
  This amendment provides $125.0 million from the general fund in the second year for business ready site development grants. This includes $50.0 million reserved at the end of fiscal year 2022.
 
  FY FY
General Fund $0 $125,000,000
•
2023 Special Session I Amendments: Virginia Business Ready Sites Acquisition Fund and Program General Assembly Adjustment
  This amendment provides $75.0 million from the general fund in the second year for the Virginia Business Ready Site Acquisition Fund and Program.
 
  FY FY
General Fund $0 $75,000,000
•
2023 Special Session I Amendments: Major Headquarters Workforce Grant Fund (FY 2022) General Assembly Adjustment
  This amendment provides $35.5 million from the general fund the second year for the Major Headquarters Workforce Grant Fund, as reserved at the end of fiscal year 2022.
 
  FY FY
General Fund $0 $35,500,000
•
2023 Special Session I Amendments: Inland Port Development General Assembly Adjustment
  This amendment provides $10.0 million from the general fund in fiscal year 2024 for preliminary engineering and design, property acquisition, and construction and equipment costs to support the establishment of an inland port within the Mount Rogers Planning District. The Virginia Economic Development Partnership Authority shall support the Virginia Port Authority in developing and advancing the marketing and key economic development aspects related to the inland port.
 
  FY FY
General Fund $0 $10,000,000
•
2023 Special Session I Amendments: York County Cruise Ship Tender Pier and Transportation Facility General Assembly Adjustment
  This amendment provides $8.5 million from the general fund in the second year to the Economic Development Authority of York County to support the initial phase of a major cruise line tourism commitment to Yorktown.
 
  FY FY
General Fund $0 $8,500,000
•
2023 Special Session I Amendments: Remediation Incentive for Sale of Central Virginia Training Center General Assembly Adjustment
  This amendment provides up to $6.0 million from the general fund in fiscal year 2024 as an incentive payment to the purchaser of the Central Virginia Training Center property in Madison Heights, Virginia. The incentive payment will be made following remediation and debris removal from the property.
 
  FY FY
General Fund $0 $6,000,000
•
2023 Special Session I Amendments: VA Econ. Incent. Dev. Grant (VEDIG) Funding & Reapprop. Authorization General Assembly Adjustment
  This amendment provides $1.7 million from the general fund in the second year to meet existing grant payment obligations. In addition, authorization is granted to use funds available in the subfund for previously approved projects in subsequent fiscal years.
 
  FY FY
General Fund $0 $1,669,000
•
2023 Special Session I Amendments: Cloud Computing Cluster Infrastructure Grant Fund Language General Assembly Adjustment
  This amendment authorizes payments from the Cloud Computing Cluster Infrastructure Fund, as established by Chapters 671 and 678, 2023 Acts of Assembly, for a project approved by the Major Employment and Investment (MEI) Project Approval Commission on December 13, 2022.
•
2023 Special Session I Amendments: MEI Project Thresholds for Instate Relocation Projects General Assembly Adjustment
  This amendment removes budget language in conflict with the provisions of Chapter 528, 2023 Acts of Assembly, which requires the Major Employment and Investment (MEI) Project Approval Commission to review in-state relocation economic development projects receiving incentives over $2.5 million.


p3_bullets - Official Enacted Budget - 11-02-2026 12:52:26