MVF Board approves 2016 budget, assessment rates

by Mike Conroy
At its October 22 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2016 Operating Budget, which includes a $1.25/month increase in the Designated User (DU) assessment and no increase in the MVF Fund. 2016 rates are $20.79/month for the MVF assessment and $33.02/month for the DU assessment.

The MVF Fund was proposed to increase $.65/month, however after review of year-to-date (YTD) financials and careful consideration of risks for the remainder of the year, Executive Vice President (EVP) Dave Humpton and CFO Greg Snellings felt that 2015 would end favorably, without the need for subsidy from Undesignated Reserves. Thus, the $150,000 savings from 2015 is available for use in 2016, eliminating the need for the MVF Fund increase.