The 2023 Executive Budget Document
Governor Youngkin's Proposed Amendments to the 2022-2024 Biennial Budget
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Released on December 15, 2022 
 
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
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 Governor's Proposed Budget $441,593,083 $1,150,000 $442,743,083
    2022 Appropriation $155,433,083 $150,000 $155,583,083
    Governor's Amendments $286,160,000 $1,000,000 $287,160,000
2022-2024 2024 Governor's Proposed Budget $403,427,290 $150,000 $403,577,290
    2022 Appropriation $152,547,290 $150,000 $152,697,290
    Governor's Amendments $250,880,000 $0 $250,880,000
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 Proposed Positions 0.00 0.00 0.00
    2022 Appropriation 0.00 0.00 0.00
    Governor's Amendments 0.00 0.00 0.00
2022-2024 2024 Proposed Positions 0.00 0.00 0.00
    2022 Appropriation 0.00 0.00 0.00
    Governor's Amendments 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 2023 FY 2024
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 2023 FY 2024
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 2023 FY 2024
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 2023 FY 2024
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 2023 FY 2024
General Fund $0 ($180,000)


pdocagy2014 - Executive Budget Document Agency Details - 04-05-2026 18:13:19