by Mike Conroy
After CFO Greg Snellings presented the proposed 2016 MVF Budget during a joint meeting with the Audit Committee, the Montgomery Village Foundation (MVF) Board of Directors met to discuss regular monthly business.
The Board approved Executive Vice President (EVP) Dave Humpton to negotiate and execute a 5-year contract with US Security Services for private security of MVF property. A staff committee reviewed proposals and interviewed four companies for continued security service. US Security Services was chosen as the preferred bidder based on their work with similar communities in Montgomery Village, use of technology, transition plan and overall cost. The contract amount of $117,661 is approximately $8,000 less than services budgeted for in 2015. Once a contract is agreed upon and services begin, residents will see security officers in marked vehicles around the Village.
Other Agenda Items
After recommendation from the Architectural Review Board and input and review by the South Village Board of Directors, the Board approved new fence criteria for Walker’s Choice. The decision resulted from a security concern and changing landscape since the developer initially wrote the criteria.
The Board also approved sending a letter to the Montgomery County Planning Board noting overall support of the Draft Montgomery Village Master Plan. The letter details specific comments and suggested amendments to some portions, including the new zoning proposal; MVF-owned properties and the MVF office; community development/reinvestment; the former golf course property and proposed development; transportation, including Wightman and Stewartown roads; and community facilities.
A letter reiterating MVF’s continued opposition to M-83, suggested by the Transportation, Development and Public Facilities (TD&PF) Committee, was discussed. At the time of the TD&PF motion to request a letter be sent to the county, an upcoming study of Bus Rapid Transit had not been announced by the county. The Board decided to see the results of the study, expected in spring 2016, before making further comment on the future of transportation alternatives.
Finally, the Board approved the Draft 2016 MVF Budget for publication. See pages 1 and 29 to 36 for budget information, or visit www.montgomeryvillage.com for the full draft budget.
MVF Board President John Driscoll presented long-time resident and recording secretary Karolyn Silliman, with a certificate of appreciate for her many years of service to the Board. Silliman has been a recording secretary for many MVF committees, homes corporations and the MVF Board for almost 30 years. Her service was acknowledged with a standing ovation and many thanks from the Board and staff. Silliman noted that it has been an interesting experience, often requiring understanding many intricate details of the committees and associations; however, she has learned a lot about Montgomery Village over the years.
Driscoll also noted that he spent a day earlier in the week at the county planning offices relaying the MVF Board’s support of Monument Realty’s Development Plan Amendment for Area 4 of the former golf course property. He said he was awaiting the county’s decision on the plan.
EVP Humpton noted that the South Valley Park Restroom and Concession Stand project should be underway in the next few weeks. Currently, the contractor was waiting for the transfer of a permit from the county and would begin site work soon. Humpton was hopeful the project would be completed by winter.
He also said he was informed that next year’s legislative session would be particularly interesting; it was expected that several pieces of legislation regarding homeowner and condominium associations would be introduced or reintroduced with changes. Humpton and General Counsel Christopher Hitchens will be keeping abreast of the legislation and reporting back to the Board.
MVF Treasurer Beth-Ellen Berry gave the financial report for both the month of July and the year-to-date (YTD). Revenue July was favorable to the budget by $9,423 but unfavorable YTD by $30,655. Disclosure fees, pool memberships and the Capital Contribution Fee (CCF) are tracking greater than the budget, while assessment fees, advertising revenue and camps and classes are trailing.
Personnel expenses were favorable to the budget by $21,101 and $138,626 for both July and YTD, respectively. Additionally, Operating Expenses were also favorable for both July ($34,593) and YTD ($170784); all cost centers are performing better than the budget, except utilities.
Contributions to Reserves (CTR) were made in accordance with the budget; $82,254 was transferred in July, with a YTD total of $575,779. The Capital Contribution Fee saw another $16,891 in July and totals $83,308 YTD. Year-to-date, $683,600 has been spent on reserve-related assets.
Berry reported a Net Loss of $246,179 for the month, though the loss was budgeted for, as July is traditionally an expensive month. However, the loss was favorable to the budget by about $20,000. Net Income YTD is $619,155, which is favorable to the budget by approximately $227,000.
The Balance Sheet continues to reflect MVF’s solid financial position, showing over $8 million in cash and investments. MVF has approximately $1.7 million in Undesignated Reserves which is slated for capital projects and minimizing assessment increases. The $6 million balance remains in Designated Reserves.
Finally, Berry noted that the revised Collection Policy is working as intended to keep a stable rate of assessment payments coming in. It was reported that staff sent the lowest number of late assessment notices since 2008.
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Sept. 24 in the North Creek Board Room, 20125 Arrowhead Road. The meeting is open to the public and residents are encouraged to attend. The meeting begins promptly at 7:30 p.m. with Residents Time.