MVF 2020 Budget tops agenda at October Board meeting

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by Mike Conroy

The MVF Board of Directors approved the 2020 Operating Budget and other items related to the budget at its meeting on October 24. The Board adopted the 2020 Budget, set the 2020 MVF and Designated User (DU) assessment rates and authorized the Executive Vice President (EVP) to purchase assessment coupons. Due to cost savings identified through personnel changes and contract negotiation, the original proposed assessment increases for both the MVF and DU funds were able to be reduced; the MVF fee will increase $.49/month and the DU fee will increase $.80/month. The full adopted budget can be found online at www.montgomeryvillage.com.

Other Agenda Items
Also on the agenda were informational updates on the repurposing of the Watkins Mill Pool site and potential Pickleball Court locations. Director of Recreation and Parks Duncan Mullis reported that the Recreation Committee recently reviewed several options for a year-round facility on the pool site. From those options and resident feedback, they recommended that a fitness playground, outdoor fitness center, skate park or sports court facility be considered for the site. The committee plans to hold a community forum and use a digital survey to gain feedback on the options before returning to the Board with a final recommendation.

Mullis also said the Recreation Committee discussed community feedback regarding the location of dedicated Pickleball Courts. The original proposal was to place several courts at the Apple Ridge Recreation Area, but given opposition to this location, staff will be studying other locations. Once the Recreation Committee reviews other potential locations, they will send a recommendation to the MVF Board of Directors.

Additionally, the Board decided to look at committee size in the future and determine if a cap on membership would be beneficial to fulfilling each committee’s mission. This stemmed from discussion about an application for membership on the Recreation Committee, which currently has the one of the largest rosters of volunteers.

President’s Remarks
Board Vice President Pete Webb presided over the meeting in the absence of President Glenn Gargan. Webb noted several upcoming events, including the New Residents Welcome Reception (Thursday, Nov. 14); the community Christmas Tree Lighting (Wednesday, Dec. 4); and the December MVF Board meeting (Thursday, Dec. 5). He also extended his gratitude to all staff for the excellent job putting together the Great Pumpkin Race, one of the Village’s premier family events.

EVP Report
Executive Vice President Dave Humpton said that staff had recently met with state and local representatives for the 2020 Census. He mentioned that due to low response in the 2010 Census, Montgomery Village and other parts of the county were the focus for the impending count. MVF will be helping market the need for residents to complete the census in the coming months.

Humpton also reported that Monument Realty recently received approval for the Site Plan Amendment, which increases the number of MPDUs from 14% to 25% of the units to be built on the former golf course. This approval by the Planning Board will allow them to obtain other permits and move forward with the development.

Treasurer’s Report
MVF CFO Daniel Salazar gave the monthly financial report in the treasurer’s absence. He noted that overall through September, MVF remains in good standing, tracking many areas favorable to the budget. He said Investment Returns were up $441,000 but Village News advertising continues to remain below budget.

Net Income for the month was reported at $44,600, which is favorable, and year-to-date (YTD), Net Income is $117,000 ahead of the budget. YTD Revenue is also favorable at $7,000,029. In the Operating Fund, Legal Expenses were slightly more than expected; however, Personnel Expenses were $84,000 below the budget. Contributions to Reserves were made as prescribed in the budget, totaling $983,000 YTD.

Salazar also said the Investment Committee reported that MVF has fully transitioned into its new dividend strategy with large cap equity growth. YTD returns were $520,000 (8.34%). He noted a slight increase in the Delinquency Rate, up 0.7% from last year at this time. The Assessment Accounts Receivable were reported higher than usual, due mostly to the outstanding balance from some of the condominiums.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Dec. 5 in the North Creek Board Room, 20125 Arrowhead Road. The meeting begins promptly at 7:30 p.m. with Residents Time. Residents are invited and encouraged to attend. The meeting agenda and information packet will be available online at www.montgomeryvillage.com the week of the meeting.