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 Chapter1, 2024 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 $0 $0 $0
2022-2024 2023 General Assembly Adjustments $0 $0 $0
2022-2024 2024 Chapter1, 2024 Acts of Assembly, Special Session 1 $403,463,433 $150,000 $403,613,433
2022-2024 2024 Previous Legislative Appropriation $414,216,290 $150,000 $414,366,290
2022-2024 2024 Governor's Amendments ($2,252,857) $0 ($2,252,857)
2022-2024 2024 General Assembly Adjustments ($8,500,000) $0 ($8,500,000)
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 Chapter1, 2024 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 Chapter1, 2024 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)
•
Adjust appropriation levels for custom grants Decision Package
  Eliminates appropriation for the Truck Manufacturing Grant Fund due to changes in the incentive schedule.
 
  FY FY
General Fund $0 ($1,742,857)
•
Reduce the Virginia Investment Performance Grant appropriation Decision Package
  Decreases the appropriation for deposit to the Virginia Investment Performance Grant to align with the updated payment schedule.
 
  FY FY
General Fund $0 ($510,000)
•
Redirect Funding for Cruise Ship Port-of-Call General Assembly Adjustment
  This amendment redirects $8.5 million from the general fund for other priorities funding that was provided in fiscal year 2024 to the Economic Development Authority of York County to support a cruise ship port-of-call location and related visitor support and tourism.
 
  FY FY
General Fund $0 ($8,500,000)
•
Adjust FY 24 VEDIG Grant Payments General Assembly Adjustment
  This amendment adjusts grant payments from the Virginia Economic Development Incentive Grant to align the program with most up to date information from the Virginia Economic Development Partnership Authority. HB2 29 (2024 regular session) removed $630,000. However, General Assembly amendments to HB 6001 (2024 Special Session I) reversed this reduction.
•
Carry Forward Economic Development Incentive for Sale of Central Virginia Training Center General Assembly Adjustment
  This amendment provides for the carryforward of the $6.0 million appropriated in fiscal year 2024 for an economic development incentive to be provided related to the sale of the Central Virginia Training Center.
•
Eliminate Language to Override Site Acquisition Fund Code Provisions General Assembly Adjustment
  This amendment eliminates language allowing for the purchase of land with resources from the Virginia Business Ready Sites Acquisition Fund, which overrides the Code requirement for the MEI Commission to review all such purchases.


p3_bullets - Official Enacted Budget - 07-18-2025 15:15:43