Treasurer: insurance claims, property tax caps could tighten Worthington Schools’ finances

Treasurer TJ Cusick told the Worthington Schools Board of Education on Nov. 24 that the district’s insurance claims through October ran about 110% of revenue, exceeding the preferred high-90s ratio and driven largely by an unusually high number of very high-cost claimants (nine this year versus an expected three). He said the district has responded earlier this year by increasing deductibles and implementing coinsurance and that premiums are expected to increase for 2026.

Cusick then summarized the budgetary implications of recent state property tax legislation. He said caps on inside millage growth (a GDP-deflator style cap discussed by the legislature) will reduce the growth that the district had expected in its five-year forecast. Because reappraisal-driven growth on the 4.5-mill inside component would be limited, the district may need to add about a half-mill to a future voted levy (discussed for 2028) to replace that foregone growth; he emphasized voters would have to approve any replacement levy.

On tax credits, Cusick said he expects some homeowner benefit from expansion of an owner-occupied credit included in the state bills—he referenced House Bill 186 and Senator Lou Blessing’s vote in support—but cautioned the arrangements are complex. Board members asked clarifying questions about how the caps and reappraisals interact and whether taxpayers would see immediate relief; Cusick used a GDP-deflator example to explain the mechanics and reiterated that replacement levies require voter approval.

Cusick closed by noting his long service and by stressing that despite fiscal challenges the district continues to offer strong student opportunities and facilities.