Virginia Beach Development Authority approves FY2027 budget totaling proposed operating revenues of $739,468

The Virginia Beach Development Authority voted June 9 to adopt its fiscal year 2027 budget after a staff presentation outlining operating revenues, project spending and capital maintenance accounts.

Howie, the authority finance presenter, said the board anticipates total operating revenues of $739,468 and projected operating expenditures of roughly $86,000 for FY2027. He also summarized project-level spending plans, including anticipated net funds used for Corporate Landing (about $1,643,800) and a proposed decrease of $175,000 for the Dome operating forecast. Howie reported the operating cash balance on May 31 was $9,946,417.

The budget presentation also covered capital maintenance accounts for the Human Services building, Atlantic Park, and the VB National Golf Course; staff noted specific monthly receipts and encumbrances. After board discussion, Mr. Harris moved to approve the FY2027 budget and Mr. Jen seconded the motion. The motion carried.