North Creek Community Center updates, publication of 2022 Draft Budget approved by MVF Board

At its regular meeting held on August 26, the Montgomery Village Foundation (MVF) Board of Directors approved two bids for work at North Creek Community Center (NCCC), as well as the 2022 MVF Draft Budget for publication.

Upkeep of NCCC, both inside and outside, is important, as this is Montgomery Village’s most used facility, from board and committee meetings to rental space. The parking lot resurfacing was a planned 2021 DU Reserve Budget expense, and an RFP was sent to several asphalt contractors. The scope includes deep patching, curb milling, resurfacing, restriping, painting fire lanes and replacing handicap parking signs. The MVF Board awarded a bid of $82,594 to A.B. Veirs and Sons, Inc. of Gaithersburg to perform the work.

Additionally, the cabinetry inside the community center is in need of replacement—a 2020 Reserve project that was put on hold until the renovation of the pool and bathhouse was nearly complete. The cabinets in both the kitchen and side room of the community center will be replaced during this project. The kitchen appliances will also be replaced, but are not part of the award bid or this part of the replacement. The MVF Board awarded a bid of $17,000 to Gold Star Custom Cabinetry to perform the work. This will also be a DU Reserve-funded expense.

Finally, the Board approved the 2022 Draft Budget for publication and a 30-day comment period. The full budget is available online at www.montgomeryvillage.com, and a summary is provided in this article. For the budget presentation from the August 26 meeting, click here.

President’s Remarks
MVF Board President Pete Webb mentioned that although he had hoped by September that meetings would be able to resume in person, that for the foreseeable future, MVF Board and committee meetings would remain virtual. He also thanked the Audit Committee and MVF staff for their work in preparing the Draft Budget.

EVP Report
Executive Vice President (EVP) Dave Humpton noted that county resident Greg Wims was recently named as the new Director of the Upcounty Regional Services Center, replacing long-time county employee Cathy Matthews. He said that Wims has previously held a number of high-level positions in the county, and he looks forward to working with Wims in this new role.

Humpton also said that MVF is continually monitoring changes in COVID-19-related items and planning accordingly for office and community center operations, as well as events and programs.

Treasurer’s Report
Newly-appointed Board Treasurer Stephen Taylor presented the Treasurer’s Report for the year-to-date (YTD) and the month ending July 31, 2021. He noted that overall results remained favorable to the budget.

Net Income was reported favorable to the budget by over $967,000, mainly due to Investments (up $357,000), Capital Contribution Fees (CCF) (up $45,000) and Pool Memberships (up $45,000). Additionally, MVF recorded lower-than-expected Personnel Costs (favorable by $239,000) from open positions and temporary labor due to the North Creek Pool not being open, as well as Operating Costs (favorable by $181,000).

Revenue for July was reported at $5.6 million (9.8% higher than expected in the budget) and Operating Expenses YTD were reported at $4.3 million (9.8% favorable to the budget). He also said the Contributions to Reserves (CTR) were made monthly in accordance with the budget; YTD CTR was reported at $787,179. YTD Capital Expenses totaled $2.8 million for reserve related assets; the largest expense in 2021 has been the North Creek Pool renovation with $2.5 million of the $3.3 million total spent in 2021. CCF received through July were reported at $129,331, which was also favorable to the budget.

Taylor said the Balance Sheet continues to show MVF’s strong financial position with over $11 million in Cash and Investments. Accounts Receivable decreased $289,142 due to payments received from the condominiums covering June 2019 through October 2020.

The Delinquency Rate was reported at 17.6%, which is an increase over last month, however it remains 2.4% lower than the same quarter in the prior year and 1.5% lower than the 5-year average. This is in line with normal delinquencies for this month.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Sept. 23, as a conference call/Zoom meeting. Comments about the 2022 Draft Budget will be heard at this meeting. Residents are invited to join the call; full meeting details, the meeting packet and/or participation instructions will be posted online at www.montgomeryvillage.com the week before the meeting.