The 2024 Executive Budget Document
Governor Youngkin's Proposed Budget for the 2024-2026 Biennum
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Released on December 20, 2023 
 
Virginia Retirement System [158]
Secretarial Area: Independent Agencies
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 $185,137 $95,658,527 $95,843,664
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $80,000 $94,641,369 $94,721,369
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $80,000 $105,612,181 $105,692,181
2021-2024 2022 Chapter1, 2024 Acts of Assembly $80,000 $118,759,019 $118,839,019
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $80,000 $106,022,679 $106,102,679
2021-2024 2023 Chapter1, 2024 Acts of Assembly $80,000 $121,234,034 $121,314,034
2024-2026 2025 Governor's Proposed Budget $80,000 $136,220,778 $136,300,778
    Base Budget $80,000 $121,234,034 $121,314,034
    Addenda (Changes to the Base) $0 $14,986,744 $14,986,744
2024-2026 2026 Governor's Proposed Budget $80,000 $133,636,930 $133,716,930
    Base Budget $80,000 $121,234,034 $121,314,034
    Addenda (Changes to the Base) $0 $12,402,896 $12,402,896
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 364.00 364.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 368.00 368.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 0.00 383.00 383.00
2021-2024 2022 Chapter1, 2024 Acts of Assembly 0.00 404.00 404.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 386.00 386.00
2021-2024 2023 Chapter1, 2024 Acts of Assembly 0.00 405.00 405.00
2024-2026 2025 Proposed Positions 0.00 434.00 434.00
    Base Budget 0.00 405.00 405.00
    Addenda (Changes to the Base) 0.00 29.00 29.00
2012-2014 2026 Proposed Positions 0.00 436.00 436.00
    Base Budget 0.00 405.00 405.00
    Addenda (Changes to the Base) 0.00 31.00 31.00
Operating Budget Addenda (in order of greatest impact)
•
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
Nongeneral Fund $4,504,308 $4,504,308
•
Provide additional funding for investment department Decision Package
  Supports consulting services, additional data feeds, and additional positions across the investments department to support the growth of the agency's in-house investment management activities and to implement new Board-approved investment strategies.
 
  FY 2025 FY 2026
Nongeneral Fund $2,590,542 $3,161,810
Positions 7.00 9.00
•
Adjust funding to reinforce information technology security Decision Package
  Increases nongeneral fund appropriation for fraud prevention and information security measures. Part of this appropriation will fund the addition of one position.
 
  FY 2025 FY 2026
Nongeneral Fund $2,778,669 $2,422,008
Positions 1.00 1.00
•
Adjust compensation and create internships Decision Package
  Funds compensation adjustments based on market rate analysis across the agency and creates 10 internships.
 
  FY 2025 FY 2026
Nongeneral Fund $2,376,275 $2,552,550
•
Adjust funding to improve customer experience Decision Package
  Increases nongeneral fund appropriation to enhance the customer service experience. This appropriation will be used to fund 16 positions for the agency's Customer Contact Center.
 
  FY 2025 FY 2026
Nongeneral Fund $1,810,018 $1,958,526
Positions 16.00 16.00
•
Adjust funding to enhance business and service delivery models Decision Package
  Increases nongeneral fund appropriation for the addition of five positions and internal system modifications. This funding will improve the business and service delivery model for the agency.
 
  FY 2025 FY 2026
Nongeneral Fund $1,814,965 $1,891,727
Positions 5.00 5.00
•
Remove one-time funding for cloud migration Base Budget Adjustment
  Removes one-time funding to transition to a cloud-based network.
 
  FY 2025 FY 2026
Nongeneral Fund ($1,830,850) ($1,830,850)
•
Provide critical facility repairs and reconfigure space Decision Package
  Provides funding for three distinct building maintenance and upgrade projects, including electrical upgrades, exterior repairs to address water infiltration, and reconfiguration of office workspace to meet current needs. All components will be less than $3.0 million individually and therefore are funded under the operating budget.
 
  FY 2025 FY 2026
Nongeneral Fund $3,425,000 $225,000
•
Remove one-time funding for information technology Base Budget Adjustment
  Removes one-time funding for several information technology projects.
 
  FY 2025 FY 2026
Nongeneral Fund ($1,291,100) ($1,291,100)
•
Remove one-time funding to separate employer contribution rates Base Budget Adjustment
  Removes one-time funding to separate the defined benefit rate and defined contribution rate for the Hybrid retirement plan pursuant to Chapters 9 and 229 of the 2022 Acts of Assembly.
 
  FY 2025 FY 2026
Nongeneral Fund ($514,000) ($514,000)
•
Remove one-time funding for staff training and development Base Budget Adjustment
  Removes one-time funding for staff training and development programs and systems.
 
  FY 2025 FY 2026
Nongeneral Fund ($488,750) ($488,750)
•
Remove one-time funding for cybersecurity Base Budget Adjustment
  Removes one-time funding for cyber security measures.
 
  FY 2025 FY 2026
Nongeneral Fund ($207,250) ($207,250)
•
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
Nongeneral Fund $200,284 $200,284
•
Remove one-time funding for investment department support Base Budget Adjustment
  Removes one-time funding for investment department data management services and accounting support.
 
  FY 2025 FY 2026
Nongeneral Fund ($172,500) ($172,500)
•
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
Nongeneral Fund $45,335 $45,335
•
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
Nongeneral Fund ($38,573) ($38,573)
•
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
Nongeneral Fund $29,133 $29,133
•
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
Nongeneral Fund ($27,875) ($27,875)
•
Remove one-time funding for outreach Base Budget Adjustment
  Removes one-time funding for member, retiree, and employer outreach improvements.
 
  FY 2025 FY 2026
Nongeneral Fund ($20,000) ($20,000)
•
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
Nongeneral Fund $3,025 $3,025
•
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
Nongeneral Fund $2,248 $2,248
•
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
Nongeneral Fund ($2,160) ($2,160)
•
Transfer appropriation between fund details for LODA administrative costs Decision Package
  Transfers appropriation between fund details for Line of Duty Act (LODA) administrative costs. Appropriation is currently provided in a separate fund detail for LODA administrative costs; however, allocations of administrative costs between Virginia Retirement System (VRS) programs are not determined until after year-end close. This transfer moves appropriation for LODA administrative costs under the same VRS Administrative Expense Fund used for all other programs.
•
Align appropriation across programs Decision Package
  This is a net-zero technical adjustment to realign appropriation with expected expenditures.


pdocagy2014 - Executive Budget Document Agency Details - 06-07-2025 13:20:44