The 2024 Executive Budget Document
Governor Youngkin's Proposed Budget for the 2024-2026 Biennum
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Released on December 20, 2023 
 
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
2021-2024 2022 Chapter1, 2024 Acts of Assembly $155,433,083 $150,000 $155,583,083
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $97,935,483 $150,000 $98,085,483
2021-2024 2023 Chapter1, 2024 Acts of Assembly $403,463,433 $150,000 $403,613,433
2024-2026 2025 Governor's Proposed Budget $281,386,441 $150,000 $281,536,441
    Base Budget $152,547,290 $150,000 $152,697,290
    Addenda (Changes to the Base) $128,839,151 $0 $128,839,151
2024-2026 2026 Governor's Proposed Budget $137,085,171 $150,000 $137,235,171
    Base Budget $152,547,290 $150,000 $152,697,290
    Addenda (Changes to the Base) ($15,462,119) $0 ($15,462,119)
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)
•
Continue Chapter 1 funding changes: Business Ready Sites Program Fund Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I, bringing the base for Virginia Business Ready Sites to $150.0 million the first year and $50.0 million the second year.
 
  FY 2025 FY 2026
General Fund $95,500,000 ($4,500,000)
•
Continue Chapter 1 funding changes: Virginia Business Ready Sites Acquisition Fund and Program Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I, appropriating funding in the first year for the Virginia Business Ready Sites Acquisition Fund.
 
  FY 2025 FY 2026
General Fund $25,000,000 $0
•
Adjust appropriation levels for custom grants Decision Package
  Removes, adjusts, and adds appropriation to reflect updated economic incentive payment schedules for custom grants.
 
  FY 2025 FY 2026
General Fund ($2,989,849) ($13,157,619)
•
Develop inland port Decision Package
  Provides for preliminary engineering and design, property acquisition, and construction and equipment costs to support the establishment of an inland port within the Mount Rogers Planning District.
 
  FY 2025 FY 2026
General Fund $10,000,000 $0
•
Continue Chapter 1 funding changes: Provide additional appropriation for the Virginia Economic Development Incentive Grant Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I related to the updated incentive schedule for the grant program.
 
  FY 2025 FY 2026
General Fund $1,039,000 $1,369,000
•
Increase the Virginia Investment Performance Grant Decision Package
  Adjusts the appropriation level for Virginia Investment Performance grants to reflect the updated payment schedule.
 
  FY 2025 FY 2026
General Fund $290,000 $826,500


pdocagy2014 - Executive Budget Document Agency Details - 06-07-2025 13:21:38