The 2026 Executive Budget Document
Governor Youngkin's Proposed Budget for the 2026-2028 Biennial Budget
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Released on December 17, 2025 
 
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
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 Chapter1, 2024 Acts of Assembly $155,433,083 $150,000 $155,583,083
2022-2024 2024 Chapter1, 2024 Acts of Assembly $403,463,433 $150,000 $403,613,433
2024-2026 2025 Chapter 725, 2025 Acts of Assembly $150,322,331 $150,000 $150,472,331
2024-2026 2026 Chapter 725, 2025 Acts of Assembly $61,581,826 $150,000 $61,731,826
2026-2028 2027 Governor's Proposed Budget $75,859,579 $3,550,000 $79,409,579
    Base Budget $61,581,826 $150,000 $61,731,826
    Addenda (Changes to the Base) $14,277,753 $3,400,000 $17,677,753
2026-2028 2028 Governor's Proposed Budget $100,412,863 $15,000 $100,427,863
    Base Budget $61,581,826 $150,000 $61,731,826
    Addenda (Changes to the Base) $38,831,037 ($135,000) $38,696,037
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2022-2024 2024 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2024-2026 2025 Chapter 725, 2025 Acts of Assembly 0.00 0.00 0.00
2024-2026 2026 Chapter 725, 2025 Acts of Assembly 0.00 0.00 0.00
2026-2028 2027 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 2028 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, add, or adjust appropriation for economic incentive grant programs Decision Package
  Adjusts general fund appropriation for various economic development incentive programs, including new anticipated payments for projects approved by the Major Employment and Investment Commission contingent on legislation to be considered by the 2026 General Assembly.
 
  FY 2027 FY 2028
General Fund $7,637,753 $39,311,517
•
Increase funding for the Virginia Business Ready Sites Program Decision Package
  Provides additional funding for the Virginia Business Ready Sites Program, bringing the total to $30.0 million in the first year.
 
  FY 2027 FY 2028
General Fund $10,000,000 $0
•
Increase funding for the Virginia Investment Performance grant program Decision Package
  Appropriates both general and nongeneral funds to meet payment obligations in the Virginia Investment Performance grant schedule.
 
  FY 2027 FY 2028
General Fund ($2,915,000) $1,124,520
Nongeneral Fund $3,535,000 $0
•
Reduce appropriation for the Governor's New Airline Services Incentive Fund Decision Package
  Decreases the base general fund appropriation for the fund to $200,000 each year to better reflect utilization.
 
  FY 2027 FY 2028
General Fund ($625,000) ($625,000)
•
Adjust payments for the Virginia Economic Development Incentive Grant program Decision Package
  Aligns the base appropriation for Virginia Economic Development Incentive Grants to correspond with the updated payment schedule.
 
  FY 2027 FY 2028
General Fund $710,000 ($450,000)
•
Remove funding for trade mission support Decision Package
  Captures savings from underutilized supplemental appropriations authorized for trade mission costs for the Virginia Economic Development Partnership.
 
  FY 2027 FY 2028
General Fund ($500,000) ($500,000)
•
Reduce nongeneral fund appropriation for the Governor's Motion Picture Opportunity Fund Decision Package
  Decreases the nongeneral fund appropriation for the fund to align more accurately with revenues generated by the digital media fee.
 
  FY 2027 FY 2028
Nongeneral Fund ($135,000) ($135,000)
•
Remove excess appropriation Base Budget Adjustment
  Eliminates excess appropriation due to changes in obligations of economic development projects.
 
  FY 2027 FY 2028
General Fund ($30,000) ($30,000)


pdocagy2014 - Executive Budget Document Agency Details - 01-01-2026 15:49:34