The House Appropriations Committee provides funding for the Port of Virginia for operations, economic development activities, and capital construction projects.
Budget Overview
The Port of Virginia operates much like a private business in that it generates a significant share of its revenue through Port Operations. About 86% of revenues for the Port are generated through the import and export of goods with remaining funding coming from a mix of state nongeneral funds via the Commonwealth Transportation Fund, and federal and state for special projects.
The FY 2024- 2026 biennial budget included $291.2 million for the Port in FY 2025 and $608.2 million in FY 2026. The additional funding in FY 2026 includes $325 million in authorized debt to allow the Port of Virginia to enter into an agreement to purchase Virginia International Gateway Terminal at the end of its current lease in 2065. The Port receives $63.7 million from the Commonwealth Transportation Fund each year, which comes to the Port via the Commonwealth Port Fund, which directs the Port to use the funding to improve and maintain its infrastructure, and foster commerce in the Port of Virginia and the state’s other inland ports.
The Capital Outlay portion of the state budget includes $458.2 million for facility improvement projects from nongeneral funding resources. These funds will support improvements to cargo handling facilities ($223 million); expansion of an empty yard ($223 million) and maintaining berths and wharfs ($12.2 million).
Resources and Deep Dives
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