Board approves 2024 budget and sets assessment rates

by Ruth Stadius

At its October 26 meeting, the Montgomery Village Foundation (MVF) Board of Directors approved the 2024 Operating Budget, which proposed no increase in the MVF assessment and a 3 percent increase in the Designated User (DU) assessment. The 2024 rates were set at $21.52/month for the MVF assessment and $43.52/month for the DU assessment.

After review of year-to-date (YTD) financials and careful consideration of risks for the remainder of the year, Executive Vice President (EVP) Mike Conroy and CFO Daniel Salazar believe that 2023 will end favorably versus the 2023 Budget and not use any of the $184,498 budgeted undesignated reserves (MVF: $148,461 and DU: $36,037).

Contributions to Reserves will be made in accordance with the budget. Additionally, an increase in the flexible benefit payments to full-time staff from $500 to $515 per pay period was approved. The budget includes several capital projects, many of which benefit from the use of state grants to reduce capital expenses. The installation of solar panels on MVF facilities funded through an $800,000 state grant; South Valley Park Improvements, most notably the renovation of Theater Pond funded through a $1,000,000 state grant; and Stormwater Management for future restoration projects funded with $100,000 from the Capital Contribution Fee (CCF).

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.