As Montgomery Village Foundation (MVF) staff works to prepare the 2023 Draft Budget for review, initial projections show another conservative budget focused on keeping assessment rates as low as possible and continuing to provide a high volume of services to Village residents. The below preliminary summary reflects a proposed, non-approved outline for FY23.
Currently, staff estimates no assessment increase for the MVF Fund and a $2.50 increase for the DU Fund. While continued review of the 2022 budget may change these estimates, the current proposed assessments are: MVF Fee - $21.52 per unit, per month; DU Fee - $42.27 per unit, per month.
Overall Expenses are projected to total $3.2 million from the MVF Fund and $ 3.3 million from the DU Fund.
Despite inflationary pressures driving up Personnel, Operating and Reserve costs, Undesignated Reserve Balances would be used to offset increases in the MVF and DU fees. For FY23, $148,461 and $36,037 are proposed to be spent from MVF and DU Undesignated Reserves, respectively.
MVF estimates a total Contribution to Reserves of $1,500,706 and total Reserve Expenses of $1,852,224 ($750,616 from MVF and $1,101,608 from DU). The Reserve Study is currently being finalized, and based on this, the proposed assessment rates may change.
The Audit Committee will review the Draft Budget at their Tuesday, Aug. 16 meeting, before sending it to the MVF Board of Directors. The MVF Board will then review the Draft Budget at their Thursday, Aug. 25 meeting, with the goal of approving it for publication. Once published, the budget will be open for a formal public comment (30 days) and subject to further revisions before its final approval in October. Comments or questions can be directed to CFO Daniel Salazar at firstname.lastname@example.org or in writing to Montgomery Village Foundation, Inc., ATTN: 2023 Proposed Budget, 10120 Apple Ridge Road, Montgomery Village, MD 20886. The Draft Budget will be published online at www.montgomeryvillage.com; a hard copy will be available at the MVF Office, 10120 Apple Ridge Road, following the August 25 meeting for those who cannot access it online.
All meetings continue to be held virtually, and meeting information—including packets and connection instructions—can be found online at www.montgomeryvillage.com in advance of each meeting.