Stedwick Pool and Bathhouse renovation concept discussed at January MVF Board meeting

At the January 25 Montgomery Village Foundation (MVF) Board of Directors meeting, the Board reviewed two concepts for design/build services for the renovation of the Stedwick Pool and Bathhouse, 10401 Stedwick Road, and authorized MVF EVP Mike Conroy to negotiate a contract with Keller Brothers, Inc. for design/build services for the renovation project. The Board asked the contractor to further develop one of the concepts—which was previously supported by the MVF Recreation Committee—to include à la carte options from the second concept, with final pricing for those added services, including any added operations and maintenance costs, to be subject to Board approval.

The MVF Recreation and Parks Department and Keller Brothers will return to the Board, likely in February, with a revised concept and pricing options. The Stedwick Pool and Bathhouse is scheduled to undergo renovation beginning in late Summer/early Fall 2025, with expectation to reopen for the 2026 pool season.

Other Agenda Items
In other actions, the MVF Board:

• Approved the proposed 2024 Pool Schedule
• Accepted the proposed changes to the Activity Card Policy and Annual Pool Membership pricing
• Adopted the proposed changes to the MVF Pool Operating Policy
• Authorized the EVP to execute a contractual agreement for pond management services with Aquatic Environmental Consultants, Inc. for the amount of $18,440
• Awarded the bid for Lake Marion Pool filter media replacement to B&D Pools in the amount of $52,310, and approved an additional 10% for unforeseen expenses for a total not to exceed $57,541
• Awarded the 2024 engineered wood fiber installation contract to maintain playground standards to Playground Specialist, Inc. for the price of $44.00 per cubic yard, including when the total cost is greater than $11,000 to complete the project
• Authorized the EVP to execute the contract with Design Management Associates for $14,805 and an additional 10% above the contracted amount for any unforeseen conditions for a Level II Reserve Study update
• Reaffirmed an email vote of December 27, 2023 authorizing the EVP to sign the 2024 insurance contracts in an amount not to exceed a total of $268,975.

President’s Remarks
MVF Board President Scott Dyer thanked Residents Time participants who share their views on important issues with the Board. Dyer urged residents to stay informed and actively involved in Village affairs and to make their voices heard. He said a way to do this is to stay current on proposed County/State/Federal legislation, proposed development and transportation projects, happenings within and surrounding the Village, and talking with neighbors and elected officials about what is important to you and your family.

Executive Vice President’s Report
EVP Mike Conroy reported that the 2024 Maryland General Assembly Session has started, and MVF expects several bills from previous sessions to come back, such as the Homeowner Bill of Rights, Reserve Account Funding, and re-establishing the Task Force on Common Ownership Communities. He assured the Board that MVF will continue to monitor and track those bills, as well as provide updates on all that are applicable and might need testimony or other support. Such updates will be released to the Board and/or Presidents Counsel if other opinion/support is needed.

Conroy also reported that earlier in the week, MVF was notified that Monument Realty is not pursuing any changes to the Area 2 Plan for Bloom Village at this time. If that changes, MVF and the Board will be notified immediately and will make arrangements for the full community to be able to weigh in on that discussion.

Treasurer’s Report
MVF CFO Daniel Salazar presented the Treasurer’s Report for the year-to-date (YTD) and month ending December 31, 2023. He noted that the December financials are in draft form and unaudited, as the annual year-end audit is underway and any adjustments or accruals would be noted in the final audit report.

Salazar reported that for the year, MVF ended with a Net Income of $3.4 million versus the budgeted $586,000, noting that the difference is coming from Revenues. MVF saw other revenues which exceeded the budget by about $1.14 million, mainly due to MVF taking ownership of and recognizing the new David B. Humpton Park. He added that MVF also recognized $285,000 in Grant Revenue, which reflects state grant for the end of the Watkins Mill Fitness Park project, as well as Investment Income, which exceeded the budget by about $800,000. Salazar said that pool memberships, fees, and camps and classes collectively also exceed the budget by $200,000. Operating expenses were also below the budget by about $294,000 YTD. The Undesignated balance for the Operating Fund shows a net income of $556,000, bringing the total Operating Funding Undesignated balance to approximately $3.3 million.

Salazar stated that the Investment Committee met to review the Q4 report and overall performance to benchmarks for the portfolio. Overall, the portfolio increased 12.43% YTD with an ending balance of $7,677,867, an increase of $848,661 from last year.

As of the end of December, Salazar reported a Delinquency Rate of 7.4% (629 units), 3.7% lower than the previous month. The 10-year average for December is 8.1%, and MVF is currently 0.7% better than the average this year. The current Delinquency Rate is 0.84% higher (+71 units) than December 2022 at 6.6% (558 units).

He added that at the beginning of 2023, MVF’s allowance for Bad Debt was at $326,154 and MVF finished the year with a balance of $296,839. Total write-offs from foreclosures and bankruptcy were $29,315 in 2023. The current draft financials recommend raising the allowance by $60,000 (per the budget) to cover about 57% of the 2023 assessment outstanding receivable balance ($621,824).

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Feb. 22, via Zoom.

A virtual “Meet the Candidates” event is scheduled from 7 to 7:30 p.m. before the meeting begins, also on Zoom (using the same log in details found in the packet). This is another opportunity for residents to familiarize themselves with the candidates running for the MVF Board of Directors, ask questions and enter into dialogue about important issues. Residents are invited to attend; full meeting details and the meeting packet will be posted online at www.montgomeryvillage.com the week before the meeting.