Board approves 2025 budget, sets assessment rates and service fees

At its Oct. 24 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2025 Operating Budget, which proposed a $0.35 increase in the MVF assessment (previously estimated at $0.50) and a $2.25 increase in the Designated User (DU) assessment. The 2025 rates were set at $21.87 per unit per month for the MVF assessment and $45.77 per unit per month for the DU assessment. For units at the Village Center that pay a service fee, rates were set at $22 per unit per month for condominiums and $66 per unit per month for townhouses.

After review of actual year-to-date financials through September and with careful consideration of risks for the remainder of the year, Executive Vice President Mike Conroy and Chief Financial Officer Daniel Salazar believe 2024 will end favorably and not use any of the $294,716 budgeted Undesignated Reserves (MVF: $257,691 and DU: $37,025).

Contributions to Reserves will be made in accordance with the budget, with the main Reserve Expense in 2025 being the replacement of Stedwick Pool ($4.8 million). Additionally, an increase in the flexible benefit payments to full-time staff from $515 to $530 per pay period was approved. The budget includes the addition of one full-time Recreation Specialist position to help manage increased recreational engagement. Several capital projects proposed to be funded by the Capital Contribution Fee (CCF) are also in the budget: security enhancements at North Creek and Whetstone community centers, as well as a scan card access pilot program at Lake Marion, North Creek and Whetstone community centers ($75,000); main level center improvements ($125,445) and shade structures ($123,700) at Stedwick Community Center; and a designation for stormwater improvement or future stream restoration, if necessary ($50,000).

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