Worthington Libraries closed out 2025 in solid financial shape, spending just over 80% of its budgeted appropriations for the year. Chief Financial Officer Jeremie Stevens reported that December brought an exceptional $109,000 in investment income—the highest monthly return of 2025—helping boost the library's year-end position.
Most of the unspent funds came from contingency reserves set aside for capital equipment emergencies that fortunately weren't needed.
Why the Surplus?
During the January 20, 2026 Board of Trustees meeting, Stevens provided a detailed breakdown of the 2025 expenditures. While the library appropriated funds for potential facility failures—such as boilers or chillers—those emergencies did not occur, leaving those specific capital contingency funds untouched.
Stevens noted that the 80.7% spending figure includes "encumbrances," or funds committed to expenses that carry over into the new year. Specific spending breakdowns included:
- General Fund: 84% of the budget was spent.
- Friends Foundation Grant: 76% of the grant funds were utilized.
Investment Strategy Pays Off
The strong finish to the year was bolstered by strategic cash management. Stevens highlighted that the $109,000 investment return in December was largely due to the timing of various investment maturities culminating at once.
This influx was critical for maintaining cash flow during the end of the year, a period when property tax revenues typically decrease. As of the end of 2025, the library’s total cash balance across all funds stood at $22,226,000. Approximately 80% of these funds are held in US Bank investment accounts to maximize interest returns.
Regarding liquid cash reserves—money available for immediate operations—the library ended the year with 21% of its operating funds on hand, well above the Board's required policy of 16.67% (which represents two months of operating expenses).
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Revenue and 2026 Outlook
While property tax revenue remains the primary funding source, the library saw a surprising boost in service fees. Revenue from copy and print services increased by $36,000 in 2025. Stevens noted this increase was particularly impressive given that the library provides patrons with $3.00 worth of free printing per day.
Looking ahead to early 2026, the library is monitoring a delay in property tax advances from the county. However, due to the healthy cash balance carried over from 2025, operations remain stable.
Excellence in Financial Reporting
The library’s fiscal management has also garnered external recognition. Stevens announced that for the 2024 audit, Worthington Libraries received the "Auditor of State Award with Distinction". Additionally, the library was awarded a certificate for the highest achievement in open and transparent government.
To further improve transparency with residents, Stevens is currently participating in training on "The Art of Budget Communication" to ensure future financial documents are as accessible and clear to the public as possible.