Item 452 | First Year - FY2025 | Second Year - FY2026 |
|---|---|---|
| Administrative and Support Services (69900) | $155,556,620 | $161,556,620 |
| General Management and Direction (69901) | FY2025 $134,356,655 | FY2026 $140,356,655 |
| Security Services (69923) | FY2025 $21,199,965 | FY2026 $21,199,965 |
| Fund Sources: | ||
| Special | FY2025 $145,256,620 | FY2026 $151,256,620 |
| Commonwealth Transportation | FY2025 $1,300,000 | FY2026 $1,300,000 |
| Federal Trust | FY2025 $9,000,000 | FY2026 $9,000,000 |
Authority: Title 62.1, Chapter 10, Code of Virginia.
A. Out of the amounts in this Item, the Executive Director is authorized to expend from special funds amounts not to exceed $37,500 the first year and $37,500 the second year, for entertainment expenses commonly borne by businesses. Further, such expenses shall be recorded separately by the agency.
B. Prior to purchasing airline and hotel accommodations related to overseas travel, the Virginia Port Authority shall provide an itemized list of projected costs for review by the Secretary of Transportation.
C. It is hereby acknowledged that, in accordance with Item C-40.10 of Chapter 665, 2015 Virginia Acts of Assembly, on November 17, 2016, the Port Authority converted its 20 year operating lease to operate a privately owned marine terminal in Portsmouth to a 49 year capital lease terminating December 31, 2065. Included in this Item is an amount estimated at $104,000,000 the first year and $110,000,000 the second year from special funds to cover the costs of this lease.