Board focused on MV 60th Anniversary, finances and community projects

At its February 26 meeting, the Montgomery Village Foundation (MVF) Board of Directors reviewed community initiatives, financial performance and several projects shaping the future of Montgomery Village.

The Board authorized EVP Mike Conroy to sign a letter of support to Montgomery County Department of Environmental Protection (DEP) for forthcoming proposal of the North Creek Stream Valley Restoration Project.

For background, Duncan Mullis, Director of Recreation and Parks, highlighted that MVF owns a large, forested area downstream of North Creek Lake, bordering the Northgate community. This property contains several tributaries, including North Creek, Fawnwalk Run, Honkers Rush, Beaverbrook, and an unnamed tributary. These tributaries are severely degraded due to decades of erosion. In addition to localized impacts, Mullis noted that stream degradation contributes to increased sediment and pollutant loads entering Seneca Creek and ultimately the Chesapeake Bay. He said DEP informed MVF in early February that these areas are some of the most needed areas for restoration in the county and so are a priority for DEP.  

Mullis said MVF staff met with DEP to better understand their plans and relayed to DEP the importance of limiting tree impacts; requesting that viable stormwater management measures be included; and engaging input from Northgate Homes Corporation, the MVF Committee on the Environment, the MVF Board, and other stakeholders. Mullis concluded that DEP’s approach captures what the community wanted in 2021 and allows MVF to understand the impact to the trees and the community prior to committing to the work that DEP will do. Mullis noted that this project will be fully funded by DEP, and the agency will provide ongoing maintenance. He added that there is no direct capital expenditure required from MVF for design or construction, and noted that later in the process, DEP will come back to MVF for an easement to allow them to do the necessary work and to maintain it thereafter. The work would be scheduled to begin in late 2028 and be completed in 2029. Mullis noted that this letter of support is the first step in investigating the full scope of the project, to be presented at a later date by DEP.

Other Agenda Items

The Board approved several other action items during the meeting:

• Electric supply contract: The Board reaffirmed a previously approved 30-month fixed-rate electricity agreement with Constellation. Staff will analyze the cost impact and explore possible credits.
• Election Committee appointment: Resident Cooper Park was appointed to serve on the MVF Election Committee.
• TD&PF Committee guideline updates: Minor revisions to MVF TD&PF Committee guidelines were approved.
• MVF Travel Reimbursement Policy update: The Board adopted updates aligning the policy with current best practices.
• Pool maintenance contract: A three-year contract for pre-season pool maintenance was awarded to B&D Pools at a cost of $12,975 plus time and materials work, from the DU Operating budget.
• Stedwick pool furniture purchase: The Board approved the purchase of new picnic tables, benches, and other furnishings for the renovated pool area in the amount of $19,275.87 from DU Reserves.

Information Item

Mullis updated the Board on the major renovation of the Stedwick Pool and Bathhouse. Due to permitting delays and winter weather, the pool is now expected to open in mid- to late-August. Staff are considering adjustments to the overall pool schedule to ensure residents still have ample access to all six pools throughout the season. MVF plans to provide updated schedules online once construction timelines and Montgomery County Public Schools schedules are finalized.

President’s Remarks

President Ayres thanked candidates and residents who attended the Meet the Candidates event held before the Board meeting. She also reminded residents to return their ballots for the 2026 MVF Board Election to MVF by 5 p.m. on Friday, March 13.

Ayres recognized the Montgomery County Council for honoring Montgomery Village’s 60^th Anniversary with a proclamation at the Council building in Rockville. She expressed appreciation to Councilmember Dawn Luedtke for her continued support and for meeting with MVF Board members and staff ahead of the recognition ceremony.

EVP Report

Executive Vice President Mike Conroy highlighted upcoming events and projects connected to the community’s milestone year. The 60^th Anniversary Kickoff Celebration took take place on February 28 at Lake Marion Community Center, marking 60 years since the Kettler Brothers broke ground in Montgomery Village. The event included the Recreation and Parks Open House and the launch of the Passport Journey program, which will run throughout the year.

In addition, MVF debuted a Digital Memory Wall on March 3, encouraging residents to share stories and memories of life in the Village. 

Conroy also shared plans to update the North Creek Board Room to enhance the rental and meeting experience. Planned improvements include new furniture, improved storage, updated seating, window treatments and cosmetic updates, with potential technology upgrades to follow.

As part of MVF’s sustainability efforts, electric vehicle charging stations have been installed in the maintenance yard of the MVF Office to support the gradual addition of electric vehicles to the organization’s fleet.

Conroy also reported progress on demolition preparations at the former Lakeforest Mall site. Once utility shutoffs are completed, demolition permits are expected to be finalized, allowing work to begin soon. Board members noted concerns about ensuring future development near Montgomery Village provides balanced opportunities for the community.

Treasurer’s Report

MVF Treasurer Dr. Jayaraman Vijayakumar presented the Treasurer’s Report for the year-to-date (YTD) and month ending January 31, 2026, reporting that overall, all MVF funds were favorable to the budget. Net Income was reported favorable by about $229,000, predominantly due to Revenues from Investments ($207,000), Disclosure Fees ($9,000) Capital Contribution Fees ($8,000) and Pool Membership/Rentals ($7,000), while operating costs were slightly higher to budget by approximately $12,000.

Vijayakumar noted Total Revenues were $1,162,104, which is 26.1% higher than the budget and 2.1% higher than actual Revenues for 2025. Total Operating Expenses were $927,613, which is 1.2% higher than the budget and 6.6% higher than in the same period last year. He said Capital Contribution Fees received through January were $28,139 versus $20,258 budgeted for 2026.

He said the Balance Sheet continues to reflect MVF’s strong financial position with $15.1 million of its $35.1 million assets held in Cash and Investments. MVF holds over 3.9 times more current assets than total liabilities on their balance sheet. The MVF Operating Fund maintains about $3.1 million in Undesignated Reserves. The Assessment Receivables balance has seen an overall decrease from last year of $22,500 or -3.4% and the Delinquency Rate for January was reported at 21.1% (1,792 units). MVF’s current Delinquency Rate is 0.8% above the 10-year January average of 20.3%. January is historically the highest month of delinquencies of the year, and the MVF Collections Team’s efforts remain focused on early outreach, payment plans, and escalation of chronic delinquencies to help reduce delinquency in the following months.

Next Meeting

The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, March 26; this will include the Annual Meeting, which will start immediately following the regular meeting. The meeting will be held in person at North Creek Community Center, 20125 Arrowhead Road, with a financial report and awards for community members and MVF staff. Full meeting details and the meeting packet will be posted online at www.montgomeryvillage.com the week before the meeting.