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EDA adopts FY2027 budget after finance committee recommendation
Summary
The EDA’s finance committee recommended the FY2027 budget, highlighting treatment of incentive obligations and reserve planning; after discussion the EDA approved the proposed FY27 budget by voice vote, with members noting reserves will be used to meet prior incentive commitments.
Pat (Patricia Mosby) reported that the finance committee, assisted by the authority’s CPA firm Brown Edwards, reviewed the proposed FY2027 EDA budget, including revenue assumptions, operating expenses, program expenditures, approved incentive obligations and reserve planning considerations. The committee recommended approval.
Members discussed the budget format, which separates recurring operating activity from approved incentive commitments and strategic investments; they reviewed treatment of the airline revenue guarantee and the limits on investment options (LGIP—Virginia Local Government Investment Pool). Staff noted that EDA recurring revenues are unlikely to fully cover all incentive commitments and that reserve utilization is expected to fund previously approved incentives rather than routine operations.
The EDA moved to approve the FY2027 budget and adopted it by voice vote; the transcript records the approval but does not provide a roll-call tally.
Members were offered the option to defer action to the July meeting but proceeded with approval after the finance committee recommendation.
