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 Economic Development Partnership [310]
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 $33,597,198 $0 $33,597,198
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $37,807,392 $0 $37,807,392
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $34,802,309 $0 $34,802,309
2021-2024 2022 Chapter1, 2024 Acts of Assembly $48,504,192 $0 $48,504,192
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $45,179,309 $0 $45,179,309
2021-2024 2023 Chapter1, 2024 Acts of Assembly $50,077,792 $0 $50,077,792
2024-2026 2025 Governor's Proposed Budget $54,201,862 $0 $54,201,862
    Base Budget $50,579,192 $0 $50,579,192
    Addenda (Changes to the Base) $3,622,670 $0 $3,622,670
2024-2026 2026 Governor's Proposed Budget $54,701,862 $0 $54,701,862
    Base Budget $50,579,192 $0 $50,579,192
    Addenda (Changes to the Base) $4,122,670 $0 $4,122,670
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
2021-2024 2022 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 0.00 0.00
2021-2024 2023 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2024-2026 2025 Proposed Positions 0.00 0.00 0.00
    Base Budget 0.00 0.00 0.00
    Addenda (Changes to the Base) 0.00 0.00 0.00
2012-2014 2026 Proposed Positions 0.00 0.00 0.00
    Base Budget 0.00 0.00 0.00
    Addenda (Changes to the Base) 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Eliminate the Offshore Wind Industry Supply Chain Program Decision Package
  Rescinds duplicative support for the offshore wind industry.
 
  FY 2025 FY 2026
General Fund ($2,500,000) ($2,500,000)
•
Launch innovative framework for economic growth Decision Package
  Provides funding for a strategic focus on accelerating economic growth by ecosystem building, further developing sector expertise, and extensive collaboration.CHAR(13) + CHAR(10)CHAR(13) + CHAR(10)
 
  FY 2025 FY 2026
General Fund $2,000,000 $2,250,000
•
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 $1,665,167 $1,665,167
•
Increase capacity for the Virginia Office of Education Economics Decision Package
  Provides additional appropriation for the Virginia Office of Education Economics.
 
  FY 2025 FY 2026
General Fund $1,250,000 $1,500,000
•
Provide funding for administration of the Virginia Business Ready Sites programs Decision Package
  Increases appropriation for administration of the Virginia Business Ready Sites programs.
 
  FY 2025 FY 2026
General Fund $750,000 $750,000
•
Remove one-time funding to support the Virginia Talent Accelerator Program Decision Package
  Eliminates one-time funding to support a specifc project that is not moving forward at this time.
 
  FY 2025 FY 2026
General Fund ($735,000) ($735,000)
•
Establish a Virginia office in Taiwan Decision Package
  Provides funding for the Virginia-Taiwan Trade Office.
 
  FY 2025 FY 2026
General Fund $500,000 $500,000
•
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 $358,215 $358,215
•
Continue Chapter 1 funding changes: Office of Labor Market Alignment Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I, for the work of the Virginia Office of Labor Market Alignment.
 
  FY 2025 FY 2026
General Fund $233,600 $233,600
•
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 $75,890 $75,890
•
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 $20,376 $20,376
•
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 $5,000 $5,000
•
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 ($816) ($816)
•
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 $216 $216
•
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 $22 $22


pdocagy2014 - Executive Budget Document Agency Details - 06-07-2025 19:57:25