Board approves 2020 budget, sets assessment rates

Share This: 

by Mike Conroy

At its October 24 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2020 Operating Budget, which includes an increase of $.49/month in the MVF Fund and $.80/month increase in the Designated User (DU) assessment. 2020 rates are $21.52/month for the MVF assessment and $38.42/month for the DU assessment.

The MVF Fund was proposed to increase $.83/month; however, personnel changes, renegotiating contracts and other cost reductions for 2020 have contributed to the final assessment rates, which are much lower than originally proposed. 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 Daniel Salazar believe that 2019 will end using about $350,000 from subsidy from Undesignated Reserves. A planned subsidy of $270,000, which includes additional legal costs, is also assumed in the 2020 budget.

Contributions to Reserves will be made in accordance with the budget. Major projects included in the 2020 budget are the North Creek Pool and Bathhouse renovation, the repurposing of the Watkins Mill Pool site and the replacement of the Martin P. Roy Park tot lot.

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 Monday, Dec. 31 should call 301-948-0110 for replacement coupons.