This agency serves as a holding account for state incentive programs to localities, companies opening or expanding a business facility within the Commonwealth, and production companies and producers who film their product in the Commonwealth. These incentives include performance-based finanical assistance, infrastructure development grants, and customized training and support programs. These programs are administered by the Virginia Economic Development Partnership and the Virginia Tourism Authority. This agency is also a holding account for funding administered by the Center for Innovative Technology to advance science and technology based research, development, and commercialization.
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. more...
More historical data is available for this agency on DPB's website under the
Virginia's Budget page. If you click on the Budget Round Description links under any of the "DPB Appropriation Database" tables and open the filter you can select various fields to get greater detail and you can select the official chapter data going back for several decades. The "Caboose" chapters are the final biennial budget approved by the General Assembly and signed into Law.
Check it out here
Biennium
Fiscal Year
Source
GF
NGF
Total
2010-2012
2011
Chapter 2, 2012 Acts of Assembly
$49,995,436
$475,000
$50,470,436
2010-2012
2012
Chapter 2, 2012 Acts of Assembly
$46,095,384
$375,000
$46,470,384
2012-2014
2013
Chapter 1, 2014 Acts of Assembly
$54,451,745
$535,000
$54,986,745
2012-2014
2014
Chapter 1, 2014 Acts of Assembly
$56,331,455
$1,175,000
$57,506,455
2014-2016
2015
Governor's Proposed Budget
$59,071,491
$250,000
$59,321,491
Base Budget
$56,458,955
$375,000
$56,833,955
Addenda (Changes to the Base)
$2,612,536
($125,000)
$2,487,536
2014-2016
2016
Governor's Proposed Budget
$77,024,499
$250,000
$77,274,499
Base Budget
$56,458,955
$375,000
$56,833,955
Addenda (Changes to the Base)
$20,565,544
($125,000)
$20,440,544
Positions Budget Summary
Biennium
Fiscal Year
Source
GF
NGF
Total
2010-2012
2011
Chapter 2, 2012 Acts of Assembly
0.00
0.00
0.00
2010-2012
2012
Chapter 2, 2012 Acts of Assembly
0.00
0.00
0.00
2012-2014
2013
Chapter 1, 2014 Acts of Assembly
0.00
0.00
0.00
2012-2014
2014
Chapter 1, 2014 Acts of Assembly
0.00
0.00
0.00
2014-2016
2015
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
2016
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)
•
Adjust funding for various economic development grants and incentives
Decision Package
Adjusts funding for various economic development grants and incentives based on the schedule of anticipated payments to occur in the 2014-2016 biennium.
FY 2015
FY 2016
General Fund
($1,637,927)
$16,064,957
•
Transfer funding for grants under the Virginia Jobs Investment Program
Decision Package
Transfers general fund support from the Department of Business Assistance to Economic Development Incentive Payments (EDIP) for grants awarded to eligible businesses under the Virginia Jobs Investment Program (VJIP). Legislation to be considered by the 2014 General Assembly transfers responsibility of the program to the Virginia Economic Development Partnership (VEDP). Funding for state incentives administered by VEDP is budgeted in EDIP.
FY 2015
FY 2016
General Fund
$5,669,833
$5,669,833
•
Transfer funds for GAP Funds to IEIA
Base Budget Adjustment
Transfers Center for Innovative Technology's Growth Accelerator Program (GAP) Funds from Economic Development Incentive Payments to the Innovation and Entrepreneurship Investment Authority (IEIA). IEIA administers and manages this program.
FY 2015
FY 2016
General Fund
($3,200,000)
($3,200,000)
•
Provide funding for mega site development
Decision Package
Provides support for the Major Employment and Investment (MEI) Site Planning Fund. The MEI Site Planning Fund assists political subdivisions with the development of mega sites to attract high-impact regional economic development projects to Virginia.
FY 2015
FY 2016
General Fund
$0
$2,000,000
•
Provide additional funding for the Governor's Motion Picture Opportunity Fund
Decision Package
Provides additional funding for the Governor's Motion Picture Opportunity Fund. Base funding for the 2014-2016 biennium has been committed to a multi-year television series project. The additional funding allows the agency to continue to pursue additional motion picture and television projects during the 2014-2016 biennium.
FY 2015
FY 2016
General Fund
$1,750,000
$0
•
Reduce nongeneral fund appropriation for the Motion Picture Opportunity Fund
Decision Package
Adjusts nongeneral fund appropriation for the Governor's Motion Picture Opportunity Fund to better reflect anticipated revenue from the digital media fee.
FY 2015
FY 2016
Nongeneral Fund
($125,000)
($125,000)
•
Increase funding for Virginia-Israel Advisory Board
Decision Package
Increases funding for the Virginia-Israel Advisory Board to reflect increasing operational costs. This funding increases the board's operating appropriation to $200,000 per year.
FY 2015
FY 2016
General Fund
$24,639
$24,639
•
Adjust agency appropriation for the cost of Performance Budgeting system charges
Decision Package
Provides appropriation to pay for the agency's share of ongoing Performance Budgeting system operating and maintenance costs. The general fund share of this cost was previously budgeted in Central Appropriations.
FY 2015
FY 2016
General Fund
$5,586
$5,586
•
Fund the Virginia-Israel Advisory Board costs for the new Cardinal accounting system
Decision Package
Provides appropriation to the agency's budget to pay for the agency's share of the costs for the new Cardinal accounting system. The Department of Accounts allocates the yearly cost of the system to agencies based upon the number of transactions the agency completed in the previous fiscal year.
FY 2015
FY 2016
General Fund
$207
$281
•
Fund agency costs for the new Cardinal accounting system
Decision Package
Provides appropriation to the agency's budget to pay for the agency's share of the costs for the new Cardinal accounting system. The Department of Accounts allocates the yearly cost of the system to agencies based upon the number of transactions the agency completed in the previous fiscal year.
FY 2015
FY 2016
General Fund
$133
$182
•
Fund changes in state employee workers' compensation premiums
Decision Package
Adjusts the Virginia-Israel Advisory Board's budget for workers' compensation premiums based on the allocation of 2015 and 2016 program costs provided by the Department of Human Resource Management. The allocation is based on the historical experience of the agency and reflects the current policy of providing agencies with 50 percent of any increased costs and allowing agencies to retain 50 percent of any reduced costs.
FY 2015
FY 2016
General Fund
$65
$66
•
Remove obsolete language
Decision Package
Removes obsolete budget language that refers to a project that never materialized.
•
Clarify life sciences language
Decision Package
Clarifies that any institution that joins the life sciences research consortium will be considered a participating member for the purposes of conducting research.
