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 2, 2022 Acts of Assembly, Special Session 1 $155,433,083 $150,000 $155,583,083
2022-2024 2023 Base Budget $75,765,483 $150,000 $75,915,483
2022-2024 2023 Governor's Amendments $23,667,600 $0 $23,667,600
2022-2024 2023 General Assembly Adjustments $56,000,000 $0 $56,000,000
2022-2024 2024 Chapter 2, 2022 Acts of Assembly, Special Session 1 $152,547,290 $150,000 $152,697,290
2022-2024 2024 Base Budget $75,765,483 $150,000 $75,915,483
2022-2024 2024 Governor's Amendments $24,781,807 $0 $24,781,807
2022-2024 2024 General Assembly Adjustments $52,000,000 $0 $52,000,000
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 2, 2022 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2022-2024 2023 Base Budget 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 2, 2022 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2022-2024 2024 Base Budget 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)
•
Remove one-time funding for the City of Petersburg for expenses related to a chemical plant complex Base Budget Adjustment
  Removes funding for the City of Petersburg for expenses incurred from the installation of a water tank and associated infrastructure at a chemical plant complex in the city.
 
  FY FY
General Fund ($10,000,000) ($10,000,000)
•
Fund the Major Headquarters Workforce Grant Fund Decision Package
  Reserves funds for anticipated future payments from the Fund provided for in § 59.1-284.31, Code of Virginia
 
  FY FY
General Fund $42,500,000 $42,500,000
•
Eliminate or adjust funds for custom grants according to their memoranda of understanding Decision Package
  Adjusts funding levels tied to several previously approved grant awards based on updated performance schedules
 
  FY FY
General Fund ($11,060,500) ($9,822,643)
•
Provide additional funding for the Governor’s Motion Picture Opportunity Fund Decision Package
  Increases existing funding to attract film and television production to the Commonwealth
 
  FY FY
General Fund $3,500,000 $3,500,000
•
Adjust funding for the Virginia Investment Performance and Virginia Economic Development Incentive grant programs Decision Package
  Reduces existing grant funding based on an updated schedule of payments provided by the Virginia Economic Development Partnership
 
  FY FY
General Fund ($1,271,900) ($1,395,550)
•
Remove language authorizing the use of returned funds for site improvements Decision Package
  Removes language relating to a company that no longer has a presence in the Commonwealth
•
Virginia Business Ready Sites Program Funding General Assembly Adjustment
  This amendment provides $109.0 million from the general fund over the biennium for the Virginia Business Ready Sites Program Fund created by Chapter 83 of the 2022 Acts of Assembly. A companion amendment in Central Accounts provides an additional contingent appropriation of $50.0 million.
 
  FY FY
General Fund $54,500,000 $54,500,000
•
Governor's Motion Picture Opportunity Fund General Assembly Adjustment
  This amendment provides $9.0 million over the biennium from the general fund for the Governor's Motion Picture Opportunity Fund.
 
  FY FY
General Fund ($3,500,000) ($2,500,000)
•
Frederick County Economic Development Initiative General Assembly Adjustment
  This amendment provides a one-time grant of $5.0 million from the general fund in fiscal year 2023 to the Frederick County Economic Development Authority for a regional economic development initiative and facility that supports the growth of aerospace and unmanned systems companies in Planning District 7.
 
  FY FY
General Fund $5,000,000 $0
•
Property Analytics Firm Infrastructure Grant Fund Continuation General Assembly Adjustment
  This amendment continues the Property Analytics Firm Infrastructure Grant Fund established in House Bill 29 for the purposes of investing in infrastructure improvements in the City of Richmond in connection with the CoStar economic development project.
•
Technical: Remove Outdated VEDIG Language General Assembly Adjustment
  This amendment removes obsolete budget language related to the Virginia Economic Development Incentive Grant (VEDIG) program. The budget language eliminates the cap for 2017 VEDIG projects, and is no longer necessary.


p3_bullets - Official Enacted Budget - 07-18-2025 20:49:10