MVF Board holds final meeting of 2015
by Mike Conroy
Following a reception honoring and thanking the volunteers who serve on homes corporation and condominium association boards and Montgomery Village Foundation (MVF) committees, the MVF Board met for the final time in 2015.
President’s Remarks
MVF Board President John Driscoll thanked staff and the community for another successful Christmas Tree Lighting, noting it is one of his favorite community events. He also discussed two recent county meetings he attended, and was encouraged by how members of the community acted at each.
Driscoll said that at the recent master plan hearing, he noticed that each speaker was prepared and concise, no matter their position on a particular issue. He echoed a statement from Residents Time, calling Village residents informed and educated about the subject matter. Driscoll also mentioned continued meetings to address safety and noise issues at the Montgomery County Airpark, and encouraged the full MVF Board to attend the next meeting.
EVP Report
EVP Dave Humpton alerted the Board to the fact that the large dredging equipment at Lake Whetstone was being removed, though the project was not complete. He said smaller equipment will be used to finish the job, hopefully before the end of the year. Humpton also noted that the restrooms and concession stand in South Valley Park were nearing completion, and would be operational in the spring.
Humpton said that the legislative session would soon be upon us, and that he and General Counsel Christopher Hitchens would keep a close eye on legislation that would affect the Village, as has been done in the past. He did mention that changes were coming to the CCOC, which would increase homeowner taxes. The county agency is being moved to a new department and being staffed at a higher rate, to help with homeowner/association issues.
Agenda Items
Starting the action list with personnel-related items, the Board authorized the EVP to negotiate and execute contracts for both 2016 Insurance and Employee Health Care Insurance. The Board also appointed Patrick Berger to the Investment Committee, to fill a vacancy that had been open for some time.
In other committee-related items, updates to the Advertising Agreement, as recommended by the Communications Committee, were approved. Upon recommendation of the Architectural Review Board (ARB), new Patio and Balcony Door Guidelines and Exterior/Holiday Light Guidelines were also approved. These guidelines are new, establishing procedures and details for installing both doors and holiday decorations.
Also with regard to committees, the Board discussed and then approved adding language to all MVF committee guidelines concerning Standards of Conduct for committee members and responsibilities of the Committee Chair. These issues were discussed at the 2015 MVF Board Retreat and are designed to help keep committee meetings productive and positive.
In Recreation matters, the Board authorized the EVP to negotiate and execute a contract for the Apple Ridge Pool Renovation project with Keller Construction Management for $2,273,256. The bid for purchase of a replacement vehicle for an older maintenance truck was also approved. The new vehicle will be a versatile utility wagon that can transport covered supplies, equipment or passengers.
Treasurer’s Report
Treasurer Beth-Ellen Berry reported on MVF’s financial health for the month of October and the year-to-date (YTD). Berry said Revenue was under the budget both for the month and YTD. Major drivers for this are Assessment Fees, Camp and Classes and Investments; investments are rebounding slowly with low returns after a few months of volatility in the market. Pool Memberships, Capital Contribution Fees (CCF) and Disclosure Fees are trending favorable to the budget.
Personnel expenses are favorable to the budget by $168,943 YTD, mostly due to vacancies throughout the year and lower than expected summer wages. Most vacant positions have been filled. Total Operating Costs are favorable to the budget by $26,585 for the month and $227,606 YTD.
Contributions to Reserves (CTR) have been made in accordance with the budget. In October, $82,254 was transferred to Reserves, bringing the 10-month total CTR to $822,542. The CFF also saw another $15,431 for the month and totals $122,004 YTD. Berry noted approximately $652,000 has been spent to replace reserve assets YTD.
Net Income for the month was $168,479 and totals $749,721 YTD. This is favorable to the budget by approximately $205,000; trends show that the budget will remain favorable by the year’s end. Berry said that because of this anticipated favorable variance, the Board decided not to increase the MVF Fund assessment in 2016 (the Designated User assessment increase was approved).
As of October 31, the Balance sheet shows MVF’s continued solid financial position. MVF has just under $8 million in Cash and Investments, with $1.8 million in Undesignated Reserves and over $6 million in Designated Reserves.
Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Jan. 28, 2016 in the North Creek Board Room, 20125 Arrowhead Road. This meeting is open to the public, and residents are welcomed and encouraged to attend. Residents are invited to “Meet the Candidates” at 7 p.m., and the regular Residents Time begins promptly at 7:30 p.m.