The 2024 Executive Budget Document
Governor Youngkin's Proposed Budget for the 2024-2026 Biennum
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Released on December 20, 2023 
 
Department of the Treasury [152]
Secretarial Area: Finance
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 $11,432,877 $38,453,465 $49,886,342
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $9,481,059 $38,457,891 $47,938,950
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $8,327,408 $41,966,549 $50,293,957
2021-2024 2022 Chapter1, 2024 Acts of Assembly $15,518,923 $55,075,139 $70,594,062
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $8,326,657 $42,076,549 $50,403,206
2021-2024 2023 Chapter1, 2024 Acts of Assembly $10,002,935 $55,100,226 $65,103,161
2024-2026 2025 Governor's Proposed Budget $8,575,462 $71,269,516 $79,844,978
    Base Budget $8,167,480 $55,100,226 $63,267,706
    Addenda (Changes to the Base) $407,982 $16,169,290 $16,577,272
2024-2026 2026 Governor's Proposed Budget $8,550,462 $72,269,516 $80,819,978
    Base Budget $8,167,480 $55,100,226 $63,267,706
    Addenda (Changes to the Base) $382,982 $17,169,290 $17,552,272
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 31.20 91.80 123.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 31.20 91.80 123.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 32.20 91.80 124.00
2021-2024 2022 Chapter1, 2024 Acts of Assembly 32.70 94.30 127.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 32.20 91.80 124.00
2021-2024 2023 Chapter1, 2024 Acts of Assembly 32.70 94.30 127.00
2024-2026 2025 Proposed Positions 31.70 87.30 119.00
    Base Budget 32.70 94.30 127.00
    Addenda (Changes to the Base) (1.00) (7.00) (8.00)
2012-2014 2026 Proposed Positions 31.70 87.30 119.00
    Base Budget 32.70 94.30 127.00
    Addenda (Changes to the Base) (1.00) (7.00) (8.00)
Operating Budget Addenda (in order of greatest impact)
•
Increase appropriation for increased costs of property insurance Decision Package
  Increases nongeneral fund appropriation to cover the projected cost of purchased property, aircraft, and watercraft insurance.
 
  FY 2025 FY 2026
Nongeneral Fund $12,000,000 $12,000,000
•
Increase appropriation for the general liability insurance program Decision Package
  Increases nongeneral fund appropriation to cover the projected cost of the general liability insurance program.
 
  FY 2025 FY 2026
Nongeneral Fund $3,000,000 $4,000,000
•
Adjust appropriation for centrally funded five percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the five percent salary increase for state employees budgeted in Central Appropriations, Item 483 S. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $315,475 $315,475
Nongeneral Fund $768,184 $768,184
•
Upgrade Treasury investment management information technology systems Decision Package
  Increases nongeneral fund appropriation to upgrade IT systems used for treasury investment management activities.
 
  FY 2025 FY 2026
Nongeneral Fund $250,000 $250,000
•
Adjust appropriation for centrally funded property insurance premium charges Base Budget Adjustment
  Adjusts appropriation for property insurance premiums billed by the Department of the Treasury’s Division of Risk Management budgeted in Central Appropriations, Item 484 J. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $37,480 $37,480
Nongeneral Fund $66,339 $66,339
•
Continue Chapter 1 funding changes: Provide funding for two percent salary increase Decision Package
  Adjusts appropriation for the two percent salary increase for state and state supported local employees budgeted in Central Appropriations, Paragraphs S, T, U, and V of Item 483, Chapter 1, 2023 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $67,869 $67,869
•
Adjust appropriation for centrally funded changes to state health insurance premiums Base Budget Adjustment
  Adjusts appropriation for the employer’s share of health insurance premiums budgeted in Central Appropriations, Item 483 G. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $14,017 $14,017
Nongeneral Fund $44,599 $44,599
•
Recover full costs of administration of Virginia School Authority Programs Decision Package
  Allows for the recovery of indirect costs for the administrative costs of the Virginia School Authority Program. Currently only direct costs are allowed to be recovered.
 
  FY 2025 FY 2026
General Fund ($46,194) ($46,194)
•
Adjust appropriation for centrally funded information technology auditors and security officers Base Budget Adjustment
  Adjusts appropriation for information technology auditors and information security officers budgeted in Central Appropriations, Item 484 E. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $12,344 $12,344
Nongeneral Fund $27,561 $27,561
•
Impose annual fee on private college users of the Virginia College Building Authority Decision Package
  Replaces a one time fee with an annual fee on institutions of higher education participating in the private college financing program of the Virginia College Building Authority. Such institutions are currently charged a one time fee of 10 basis points on the amount issued and would be charged a 10 basis point annual fee on the outstanding principal amount.
 
  FY 2025 FY 2026
General Fund ($25,000) ($50,000)
•
Annualize funding for investment accounting system Base Budget Adjustment
  Annualizes funding for ongoing contract costs of the investment accounting system.
 
  FY 2025 FY 2026
General Fund $27,915 $27,915
•
Adjust appropriation for centrally funded changes to Cardinal Human Capital Management System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Human Capital Management System internal service fund charges budgeted in Central Appropriations, Item 484 G. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $4,260 $4,260
Nongeneral Fund $10,372 $10,372
•
Adjust appropriation for centrally funded changes to Cardinal Financials System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Financials System internal service fund charges budgeted in Central Appropriations, Item 484 F. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $2,045 $2,045
Nongeneral Fund $10,334 $10,334
•
Adjust appropriation for centrally funded workers’ compensation premium changes Base Budget Adjustment
  Adjusts appropriation for workers’ compensation premiums budgeted in Central Appropriations, Item 483 P. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund ($1,159) ($1,159)
Nongeneral Fund ($5,498) ($5,498)
•
Adjust appropriation for centrally funded internal service fund charges for the Personnel Management Information System Base Budget Adjustment
  Adjusts appropriation for Personnel Management Information System internal service fund charges budgeted in Central Appropriations, Item 484 I. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund ($400) ($400)
Nongeneral Fund ($1,051) ($1,051)
•
Adjust appropriation for centrally funded changes to Performance Budgeting system charges Base Budget Adjustment
  Adjusts appropriation for changes to Performance Budgeting system internal service fund charges budgeted in Central Appropriations, Item 484 H. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund ($335) ($335)
Nongeneral Fund ($950) ($950)
•
Adjust appropriation for centrally funded changes to agency information technology costs Base Budget Adjustment
  Adjusts appropriation for changes to information technology and telecommunications usage budgeted in Central Appropriations, Item 484 C. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund ($356) ($356)
Nongeneral Fund ($627) ($627)
•
Adjust appropriation for centrally funded changes to agency rental costs Base Budget Adjustment
  Adjusts appropriation for changes to agency rental costs at the seat of government budgeted in Central Appropriations, Item 484 D. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY 2025 FY 2026
General Fund $21 $21
Nongeneral Fund $27 $27
•
Establish base budget appropriation for Special Damages Fund Decision Package
  Transfers excess nongeneral fund appropriation from the Insurance Collateral Assessment fund to the Special Damages Fund. This action eliminates the need for an annual administrative appropriation transfer.
•
Eliminate unfunded vacant positions Decision Package
  Eliminates eight unfunded vacant positions.
 
  FY 2025 FY 2026
Positions (8.00) (8.00)


pdocagy2014 - Executive Budget Document Agency Details - 06-07-2025 13:19:31