MVF Board approves publication of draft 2027 budget for 30-day public review

The Montgomery Village Foundation (MVF) Board of Directors approved the following at the August 27, 2026 meeting:

• Approving publication of the Draft 2027 MVF Budget, per the Audit Committee recommendation, for 30-day public review and comment. The motion was seconded and passed unanimously.
  

President’s Remarks
Board President Susan Prince expressed excitement and gratitude for her participation in the ribbon cutting ceremony for Stedwick Pool. She thanked staff and the board for supporting funding for the renovation. She briefly mentioned that Spotless Brands (Flagship Car Wash) had pulled their proposal for Lot 37, saying the process demonstrated a united front along between MVF Board and Whetstone community.

Interim EVP Report
MVF Interim EVP Karen Kodjanian began by recognizing Student Representative Saba Berhe for completing her summer internship in the MVF Office. Ms. Kodjanian noted that Ms. Berhe was an active participant in every department and that it was a pleasure having her work with staff this summer.

Ms. Kodjanian said that following the July MVF Board meeting, management sent a letter to Spotless Brands (Flagship Car Wash) which had been prepared and presented to the Board. On August 19, management was notified that Spotless Brands (Flagship Car Wash) has decided not to pursue the purchase of the property adjacent to LIDL (Lot 37).

Ms. Kodjanian stated management has worked with several companies to obtain estimated pricing for conducting a staff satisfaction survey. Board members discussed options on how to gather data from employees and brainstormed ideas on types of information to gather.

Agenda Items
Following the Audit Committee’s review of the Draft 2027 Budget on August 11, 2026, the committee has recommended that the MVF board approve the 2027 Draft Budget for publication and 30-day public review and comment, as required by the Maryland Homeowner’s Association Act. MVF board members received the full draft budget for review and heard the presentation of the draft budget, had an opportunity to ask any questions and had discussions concerning the draft at the August board meeting. Mr. Dyer moved to approve publication of the draft 2027 MVF budget, per the Audit Committee recommendation, for a 30-day public review and comment. The motion was seconded and passed unanimously.

Treasurer’s Report
MVF Senior Accountant Mirna Rivas presented the Treasurer’s Report for the year-to-date (YTD) and month ending July 31, 2026.

• Overall results through the end of May continue ahead of budgeted projections, with MVF funds were ahead of budget projections by approximately $1.17 million, due to Revenues from Investments ($690K), Camps and Classes ($73K), and Pool Membership/Rentals ($50K), as well as lower Operating Costs by about $157K.
• Total revenues through July are $7,475,419, which is +15.5% higher than budget and +4.57% higher than 2025 actual revenues.
• Total operating expenses through July are $6,132,926, which is -2.8% lower than budget and +10.4% higher than the same period last year.
• Capital contribution fees received through July are $240,709 vs. $141,808 budgeted for 2026.
• Balance Sheet continues to reflect MVF’s strong financial position, with approximately $13.3M of its $37.7M assets (35.3%) presently invested or held in bank accounts. The Operating Fund has approximately $2.9 million in undesignated reserves.
• At the end of July 2026, the delinquency rate is 21.5% (1,826 units). This represents a 2.0 percentage-point increase from July 2025’s rate of 19.5 % (1,657 units) and is approximately 2.7 percentage points above the 10-year July average of 18.8%. Performance remains consistent with historical trends for this time of year.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, September 24 via Zoom. Residents are invited to attend.

Full meeting details, the meeting packet and participation instructions will be posted online at www.montgomeryvillage.com the week before the meeting.