Board approves 2017 budget, sets assessment rates

by Mike Conroy

At its October 27 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2017 Operating Budget, which includes a $1.40/month increase in the Designated User (DU) assessment and $.24/month increase in the MVF Fund. 2017 rates are $21.03/month for the MVF assessment and $34.42/month for the DU assessment.

The MVF Fund was proposed to increase $.85/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 2016 would end favorably, without the need for the majority of the subsidy from Undesignated Reserves. Thus the savings from 2016 is available for use in 2017, reducing the increase in the MVF Fund.

Assessment rate notices will be mailed in November, and coupon books will be mailed to residents in December. Property owners who do not receive coupon books by Saturday, Dec. 31 should call 301-948-0110 for replacement coupons.