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Treasurer warns Olentangy faces roughly $34 million shortfall over five-year forecast
Summary
Treasurer Jenkins told trustees the district’s five-year general-fund forecast projects roughly $34 million more in expenditures than revenues this year, driven by personnel costs and constrained state property-tax mechanisms; he warned an operational levy or state policy changes may be required by 2028 if trends continue.
Treasurer Jenkins presented the district's five-year financial forecast and said the general fund faces a substantial imbalance: "we, will be spending about $34,000,000 more than we're bringing in," he told the board. Jenkins said projected revenues fall just shy of $400 million while expenditures approach $431 million, and noted that roughly 80% of the district’s costs are salaries and benefits.
Jenkins explained the local-state funding mix and cited the state’s continuing role in the so-called state share of local taxes (formerly rollbacks), which he said is the equivalent of roughly $22.1 million to the district. He said property-tax limitations and the current funding formula mean revenues will not keep pace with growing expenses as enrollment rises and costs increase.
Board discussion focused on options and timing. Trustees and staff discussed potential operational asks to voters, and alternatives that some other districts use, including local income or countywide sales taxes. Jenkins said the district will press legislators beginning in January and forecasted that without policy changes or an operational levy the district faces a cash shortfall in the long-range projection, with a potential need for action by calendar year 2028.
Trustees asked for continued community communication about the district's fiscal priorities and noted the challenge of balancing classroom investment with long-term fiscal sustainability.
