2024 Session

Budget Amendments - HB30 (Floor Approved)

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Cost Share for Major Federal Government Investment

Item 101 #8h

Item 101 #8h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Economic Development Incentive Payments FY2025 $40,000,000 FY2026 $0 GF

Page 94, line 20, strike "$281,536,441" and insert "$321,536,441".

Page 97, after line 27, insert:

"T.1. Out of this appropriation, $40,000,000 the first year from the general fund is provided to the City of Newport News to support a capital investment from the United States Navy in an amount estimated to be up to $400,000,000 to build infrastructure to house and care for sailors who reside in Newport News when a ship is being built, overhauled, or otherwise in a maintenance shipbuilding facility. The state general fund share of this project shall not exceed $40,000,000.

2. The Director of Department of Planning and Budget shall release the funds provided in this paragraph under the following conditions: (i) the United States Navy has committed sufficient resources to fund the project; (ii) the City has provided matching funds for the project; and (iii) seventy-five percent of non-state funds secured for the project have been expended.

3. Any funding remaining at the end of fiscal year shall be carried forward into the next fiscal year for the purposes described in this paragraph. "


(This amendment provides $40.0 million the first year from the general fund to represent the Commonwealth's share of an infrastructure investment by the United States Navy to build housing for sailors residing in Newport News when a ship is in dock.)