MVF Board retires TD&PF Committee at July meeting

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by Mike Conroy
At the July 28 Montgomery Village Foundation (MVF) Board of Directors meeting, the Board discussed the future of the Transportation, Development and Public Facilities (TD&PF) Committee, ultimately retiring the committee, favoring the structure of ad hoc committees with specific tasks for future resident engagement.

Several Board members noted that recent history with ad hoc committees with a fixed timeline offered talented subject matter experts, who otherwise may not be able to commit to a standing or long-term commitment, an opportunity to be engaged in community activities. It was noted that with a specific goal and timeline, residents continued a strong level of interest and commitment throughout the given task.

The Board also discussed the advantage of historical knowledge of long-time committee members, hoping that those members would be willing to serve on future ad hoc committees. Issues related to transportation, especially where involvement with Montgomery County is applicable, would be referred to MVF staff to research and present to the Board for further direction or action.

At the end of the discussion, the Board voted 5-2 to thank the TD&PF Committee for their service, continue the Retail Subcommittee, and consider future opportunities for the appointment of ad hoc committees.

President’s Remarks
Board President Young noted that governance and successful governing structures were a topic at the Board retreat in May. The retreat discussion revealed that the strategy of using focused ad hoc committees gave residents an increased avenue for engagement, utilizing specific skills and expertise for dedicated tasks. He thanked the TD&PF Committee for their service, noting the work that the many resident members of the committee had produced since its inception. Young expressed hope that a switch to the more focused ad hoc structure would afford the committee members new ways to continue their service to the community.

EVP Report
EVP Dave Humpton noted that he and Director of Recreation, Parks and Culture Peggy Mark recently discussed pool staff shortages for the coming weekend. As a result, they determined that the Watkins Mill Pool would be closed on Saturday, Aug. 6 to arrange for adequate staff coverage of the other MVF-owned pools.

Treasurer’s Report
CFO Greg Snellings presented the Treasurer’s Report for the month of June and year-to-date (YTD). Total Revenue and Operating Expenses were reported as favorable to the budget at $4,086,230 and $3,467,645, respectively. Net Income for the month was slightly unfavorable at $32,369 due to higher than expected assessment collection fees and disclosure fees. Personnel Costs are favorable to the budget due to lower than expected seasonal wages and lower payroll taxes.
Contributions to Reserves were made according to the budget at $85,434 for the month and $512,606 YTD. The Capital Contribution Fee yielded $23,876 in June, with the YTD fund total at $68,653.

The Balance Sheet shows that MVF continues to maintain a strong financial position with over $8.4 million of its nearly $16 million in assets in Cash and Investments. Snellings noted that the Delinquency Rate is at 7.5%, as compared to 8.8% from the same period last year. It was also noted that the Reserve monies that are invested in equity securities are currently earning 4.2%, which is favorable to the budgeted 3.75% return.

The 2017 Draft Budget is being finalized and will be distributed to the Board and Audit Committee prior to the Thursday, Aug. 25 joint meeting.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7 p.m. on Thursday, Aug. 25 at North Creek Community Center, 20125 Arrowhead Road. This is a joint meeting with the Audit Committee to review the 2017 MVF Draft budget. The meeting is open to the public and residents are encouraged to attend. The meeting begins promptly at 7 p.m. with Residents Time; a regular MVF Board business meeting will follow the joint meeting about the budget.
The meeting agenda and information packet will be available online at the week of the meeting.