By JIM BUTLER

GAEDA turmoil in 2024 didn’t extend to its financial framework, according to the annual audit.

The Greater Alexandria Economic Development Authority had three different chairpersons, two different attorneys and numerous internecine squabbles that didn’t, according to the audit report, negatively impact taking care of the dollars and cents.

According to the audit, GAEDA’s net fund balance increased about $192,000, to $1.46 million, virtually all unrestricted as to its use.

The report notes the board and management intent is to promote economic development opportunities and potentially to purchase office space.

The Authority is currently housed at the Bolton Avenue Community Center rather than its former leased quarters downtown ($26,400 expense in 2024).

Operations of the agency are funded by a dedicated hotel/motel occupancy tax that generated about $922,000 in 2024, up $26,000 from the prior year.

Expenses totaled about $732,009 with $337,000 of that going to economic development projects, most of which were grants toward a host of activities drawing visitors to the city.

Payroll and benefits expense was $214,000, with the executive director pay ($127,000) and benefits accounting for $153,000.

Legal and other professional expense was $85,000.

The audit notes the Authority for the second consecutive year paid annual sums into retirement and Health Savings Accounts in January, rather than pay period by pay period.

That could be construed as paying for value not yet received which technically is contrary to state regulations.

GAEDA said the lump sum payments were an effort to maximize earnings and would be changed to payday payments into the accounts.