Board approves 2018 budget, sets assessment rates

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by Mike Conroy
At its October 26 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2018 Operating Budget, which includes a $1.15/month increase in the Designated User (DU) assessment and no increase in the MVF Fund. 2018 rates are $21.04/month for the MVF assessment and $35.57/month for the DU assessment.

The MVF Fund was proposed to increase $.55/month; however, after review of year-to-date (YTD) financials and careful consideration of risks for the remainder of the year, Executive Vice President (EVP) Dave Humpton and CFO Greg Snellings believe that 2017 will end favorably, without the need for the majority of the subsidy from Undesignated Reserves. Thus the savings from 2017 is available for use in 2018, eliminating the increase in the MVF Fund.

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