The 2014 Executive Budget Document
Governor McDonnell's Proposed Budget for the 2014-2016 Biennum
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Released on December 16, 2013 
 
Economic Development Incentive Payments [312]
Secretarial Area: Commerce and Trade
Mission:
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.
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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.


pdocagy2014 - Executive Budget Document Agency Details - 06-06-2025 12:29:03