CFO Jeremie Stevens presented the library's seven-year financial forecast to the Board of Trustees on March 17, warning that cash reserves will fall below safe operating levels sometime between 2028 and 2029. She recommended the board start planning a levy campaign for the November 2027 ballot.
Two scenarios, same conclusion
Stevens modeled two spending scenarios. The first assumed the library spends 100% of its annual appropriation — every budgeted dollar. The second assumed 85%, which is closer to what actually happens; the library typically spends between 80% and 90% of what it appropriates in a given year.
Under the aggressive scenario, reserves drop to about 14% of the budget by 2028. That's already below the board's own policy of keeping 16.67% in reserve (roughly two months of operating expenses). Under the conservative scenario, reserves hold at about 71% through 2028 but slide to 20% by 2029.
Either way, the math lands in the same place.
Board members have noticed the projected shortfall date shifting from year to year, and Stevens said the two-scenario approach was meant to show why. The library rarely spends at 100%, so the cliff keeps appearing to move. But the underlying trajectory hasn't changed.
Why November 2027?
Stevens recommended November 2027 as the target, with levy language written so the library would start receiving funds in 2028 rather than waiting until 2029. She confirmed with the county auditor's office that this kind of "retroactive" structure is common and would allow tax collections to begin right after voters approve the measure.
The timing is about closing the gap between when a levy passes and when money actually shows up. Going in November 2027 with the right language lets the library avoid a year-long wait for revenue during exactly the period its forecast shows reserves running thin.
The board packet included a levy timeline covering the steps required to get a measure on the ballot. Stevens encouraged all trustees, especially newer members, to review it.
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What could make things worse, faster
Stevens added a risk assessment section to this year's forecast — a new addition — outlining factors that could accelerate the timeline.
Aging buildings. The library is replacing boilers at Old Worthington and Northwest this year. All three branches face ongoing maintenance needs, and a bad stretch of mechanical failures could eat into reserves faster than the forecast assumes.
State funding. Ohio's Public Library Fund is now funded through a line-item appropriation rather than a permanent statutory formula. That means legislators have to actively appropriate the money each budget cycle, and in a downturn, library funding could get cut alongside other line items.
Property tax reform. Multiple bills in the General Assembly target property taxes, and a ballot initiative to eliminate property taxes statewide could appear before voters as early as 2027. Stevens noted that activity around these proposals comes and goes — just when things seem quiet, something new surfaces. She pointed to a Dayton Daily News article from that same day about the Senate president discussing property tax changes.
Stevens told the board that property taxes are the library's primary funding source. The library could survive if state funding went away entirely, she said, but that reliance on property taxes also means any structural change to Ohio's property tax system would hit hard.
What to expect
No levy amount or millage rate has been set. The board is in planning mode: studying the numbers, understanding the timeline, and preparing to make a case to voters when the time comes.
The library's current funding will run short within two to three years under any reasonable spending scenario. A ballot question is likely in November 2027. Library staff are also exploring ways to communicate the budget more accessibly, including the possibility of a short video explaining the library's finances — something the board discussed as a friendlier alternative to dense financial documents.
The board also heard that Stevens prepared a legislative one-pager for Ohio Legislative Day the following day, built around the same core message: the library runs on local property taxes, and the financial road ahead has some real uncertainty.
Board meeting schedules, agendas, and minutes are available on the Worthington Libraries website. You can also watch the full meeting recording here.