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
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 $155,433,083 $150,000 $155,583,083
2022-2024 2024 Chapter1, 2024 Acts of Assembly $403,463,433 $150,000 $403,613,433
2024-2026 2025 Chapter 7, 2026 Acts of Assembly $150,322,331 $150,000 $150,472,331
2024-2026 2026 Chapter 7, 2026 Acts of Assembly $59,777,583 $150,000 $59,927,583
2026-2028 2027 Chapter 1. 2026 Acts of Assembly, Special Session I $82,359,579 $3,550,000 $85,909,579
2026-2028 2027 Base Budget $61,581,826 $150,000 $61,731,826
2026-2028 2027 Governor's Amendments $14,277,753 $3,400,000 $17,677,753
2026-2028 2027 General Assembly Adjustments $6,500,000 $0 $6,500,000
2026-2028 2028 Chapter 1. 2026 Acts of Assembly, Special Session I $96,346,458 $15,000 $96,361,458
2026-2028 2028 Base Budget $61,581,826 $150,000 $61,731,826
2026-2028 2028 Governor's Amendments $38,831,037 ($135,000) $38,696,037
2026-2028 2028 General Assembly Adjustments ($4,066,405) $0 ($4,066,405)
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 0.00 0.00 0.00
2022-2024 2024 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2024-2026 2025 Chapter 7, 2026 Acts of Assembly 0.00 0.00 0.00
2024-2026 2026 Chapter 7, 2026 Acts of Assembly 0.00 0.00 0.00
2026-2028 2027 Chapter 1. 2026 Acts of Assembly, Special Session I 0.00 0.00 0.00
2026-2028 2027 Base Budget 0.00 0.00 0.00
2026-2028 2027 Governor's Amendments 0.00 0.00 0.00
2026-2028 2027 General Assembly Adjustments 0.00 0.00 0.00
2026-2028 2028 Chapter 1. 2026 Acts of Assembly, Special Session I 0.00 0.00 0.00
2026-2028 2028 Base Budget 0.00 0.00 0.00
2026-2028 2028 Governor's Amendments 0.00 0.00 0.00
2026-2028 2028 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Remove excess appropriation Base Budget Adjustment
  Eliminates excess appropriation due to changes in obligations of economic development projects.
 
  FY FY
General Fund ($30,000) ($30,000)
•
Eliminate, add, or adjust appropriation for economic incentive grant programs Decision Package
  Adjusts general fund appropriation for various economic development incentive programs, including new anticipated payments for projects approved by the Major Employment and Investment Commission contingent on legislation to be considered by the 2026 General Assembly.
 
  FY FY
General Fund $7,637,753 $39,311,517
•
Increase funding for the Virginia Business Ready Sites Program Decision Package
  Provides additional funding for the Virginia Business Ready Sites Program, bringing the total to $30.0 million in the first year.
 
  FY FY
General Fund $10,000,000 $0
•
Increase funding for the Virginia Investment Performance grant program Decision Package
  Appropriates both general and nongeneral funds to meet payment obligations in the Virginia Investment Performance grant schedule.
 
  FY FY
General Fund ($2,915,000) $1,124,520
Nongeneral Fund $3,535,000 $0
•
Reduce appropriation for the Governor's New Airline Services Incentive Fund Decision Package
  Decreases the base general fund appropriation for the fund to $200,000 each year to better reflect utilization.
 
  FY FY
General Fund ($625,000) ($625,000)
•
Adjust payments for the Virginia Economic Development Incentive Grant program Decision Package
  Aligns the base appropriation for Virginia Economic Development Incentive Grants to correspond with the updated payment schedule.
 
  FY FY
General Fund $710,000 ($450,000)
•
Remove funding for trade mission support Decision Package
  Captures savings from underutilized supplemental appropriations authorized for trade mission costs for the Virginia Economic Development Partnership.
 
  FY FY
General Fund ($500,000) ($500,000)
•
Reduce nongeneral fund appropriation for the Governor's Motion Picture Opportunity Fund Decision Package
  Decreases the nongeneral fund appropriation for the fund to align more accurately with revenues generated by the digital media fee.
 
  FY FY
Nongeneral Fund ($135,000) ($135,000)
•
Atlantic Park Development (101 #5c) General Assembly Adjustment
  This amendment provides $5.0 million in fiscal year 2027 from the general fund to the City of Virginia Beach for the continued development of Atlantic Park. Atlantic Park is a year-round district that includes a live entertainment and events venue, office space, housing, shopping and dining.
 
  FY FY
General Fund $5,000,000 $0
•
Economic Development Incentives Adjustments (101 #2c) General Assembly Adjustment
  This amendment is technical in nature, and updates the references for several economic development incentive payments. It also removes funding provided in the second year for a previously anticipated economic development project that was recently announced for another state.
 
  FY FY
General Fund $0 ($4,066,405)
•
Continue Support for Fast Acting Insulin Project (101 #1c) General Assembly Adjustment
  This amendment provides $1.5 million in fiscal year 2027 from the general fund for the Virginia Economic Development Partnership Authority to partner with a non-profit entity for the continued development of a fast-acting insulin. This funding would be in addition to $3.0 million provided from state resources for this purpose in fiscal year 2025.
 
  FY FY
General Fund $1,500,000 $0
•
Authorize a Treasury Loan for the City of Newport News (101 #4c) General Assembly Adjustment
  This amendment authorizes the Secretary of Finance to approve a treasury loan of up to $40.0 million for the City of Newport News to support a capital investment by the U.S. Navy.
•
Governor's New Airline Service Incentive Fund: Increase Awards (101 #3c) General Assembly Adjustment
  This amendment increases the maximum grant awards from the Governor's New Airline Service Incentive Fund to increase the number of international flights that originate from Virginia airports.


p3_bullets - Official Enacted Budget - 10-22-2026 09:37:07