The 2008 Executive Budget Document
Secretary of Commerce And Trade
Mission Statement
Through delegated authority, using specific management and measuring tools, the Secretary of Commerce and Trade provides guidance to agencies within its secretariat. The office oversees agencies responsible for promoting statewide economic growth and community development, attracting and retaining business, promoting the state’s tourism, racing, and film industries, addressing the need for moderate and low income housing, assisting disadvantaged businesses, regulating occupations and professions, ensuring safe workplaces, pursuing international markets for Virginia products, developing and conserving energy and mineral resources, administering the unemployment compensation program, and financing infrastructure projects for localities.
Operating Budget History
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2005 Appropriation | $ 658,171 | $ 0 | 8.00 |
2006 Appropriation | $ 797,149 | $ 0 | 8.00 |
2007 Appropriation | $ 836,869 | $ 0 | 8.00 |
2008 Appropriation | $ 837,069 | $ 0 | 8.00 |
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2009 Base Budget | $ 837,069 | $ 0 | 8.00 |
2009 Addenda | $ 37,453,252 | $ 0 | 0.00 |
2009 Total | $ 38,290,321 | $ 0 | 8.00 |
2010 Base Budget | $ 837,069 | $ 0 | 8.00 |
2010 Addenda | $ 19,603,252 | $ 0 | 0.00 |
2010 Total | $ 20,440,321 | $ 0 | 8.00 |
Recommended Operating Budget Addenda
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Distribute Central Appropriations amounts to agency budgetsAdjusts the agency budget to reflect amounts moved from Central Appropriations to cover the cost of items such as the continuation of 2007 and 2008 salary and health insurance premium increases, as well as changes in retirement and disability contribution rates and other centrally funded items. For each year, $85,686 (GF).
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Continue 2008 budget reductionsContinues the budget reductions included in the Governor's 2008 reduction plan into the 2008-10 biennium. For each year, a reduction of $88,400 (GF).
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Increase funding for the Governor's Motion Picture Opportunity FundIncreases funding for the Governor's Motion Picture Opportunity Fund. The fund is used to provide performance-based incentives to recruit film production to the state. The grants are paid after a company has completed filming in the Commonwealth and met performance criteria for the grant award. In prior biennia funding for this program was budgeted in Central Appropriations in the Appropriation Act. For each year, $200,000 (GF).
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Transfer the Governor's Development Opportunity Fund from Central AppropriationsTransfers existing appropriation for the Governor's Development Opportunity Fund from Central Appropriations to the Secretary of Commerce and Trade. This funding was included in Central Appropriations in 2009 as a base adjustment. The fund provides either grants or loans to localities to assist in the creation of new jobs and investment in accordance with criteria established by legislation. For 2009, $15.1 million (GF).
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Increase funding for the Virginia Investment Partnership grantsIncreases funding for investment partnership grants under the Virginia Investment Partnership Act. The payments are based on negotiated grants awarded to select projects that invest in Virginia and promote stable or growing employment opportunities. The selected companies have met the investment and job creation criteria required by the performance agreements and payments to them are now due. In prior biennia funding for this purpose was included in the Appropriation Act in Central Appropriations. For 2009, $1.3 million (GF). For 2010, $2.3 million (GF).
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Provide funding for semiconductor manufacturing performance grantsProvides funding for semiconductor manufacturing performance grant payments under the Semiconductor Memory or Logic Wafer Manufacturing Grant Program ($3.7 million in 2009) and Semiconductor Memory or Logic Wafer Manufacturing Performance Grant Program II ($11.8 million in 2009 and $8.8 million in 2010). The grant payments are based on the volume of manufacturing and sales of memory logic wafers, the amount of the new investment, and the number of new jobs created. Companies affected have met the investment and job creation criteria required by the performance agreements and payments to them are due now. In prior biennia funding for this purpose was included in the Appropriation Act in Central Appropriations. For 2009, $15.5 million (GF). For 2010, $8.8 million (GF).
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Accelerate semiconductor manufacturing performance grant payments to QimondaProvides funding to accelerate the two final payments, due in 2011 and 2012, to 2009 and 2010 under the Semiconductor Memory or Logic Wafer Manufacturing Performance Grant Program II. The grant payments are based on the volume of manufacturing and sales of memory logic wafers, the amount of the new investment, and the number of new jobs created. The company has met the investment and job creation criteria required by the performance agreements and has requested the acceleration of the final two grant payments. For 2009, $5.4 million (GF). For 2010, $8.4 million (GF).