Crete Monee CUSD 201U holds $102.8 million in long-term debt

By Local Labs News Service

Jun 30, 2017

Crete Monee Community Unit School District 201u has $102,832,943 in debt, according to Illinois State Board of Education 2016 financial reports obtained by the Will County Gazette.

Because state law allows the district to borrow a total of $75,066,348, Crete Monee CUSD 201U has reached 137 percent of its debt capacity.

The state limits how much school districts can borrow, capping their debt at a percentage of the district's property wealth, as determined by county and township assessors.

Community unit school districts are able to borrow up to 13.8 percent of their total property value, or Equalized Assessed Value (EAV). Elementary school districts are able to borrow up to 6.9 percent of their EAV.

However, school districts exceeding these debt caps are not punished or sanctioned, as the state has no enforcement mechanism in place.

In 2015, Crete Monee 201u, an unit school district, had an EAV of $543,959,046, according to ISBE.

The following table ranks debt held by Will County school districts.

School district

Maximum debt allowed

Current debt

Percentage used

New Lenox SD 122

$83,929,098

$142,504,950

169.8%

Crete Monee CUSD 201U

$75,066,348

$102,832,943

137%

Steger SD 194

$12,122,896

$14,550,000

120%

Richland GSD 88A

$18,199,624

$21,676,605

119.1%

Taft SD 90

$3,879,691

$4,610,000

118.8%

Troy CCSD 30C

$68,431,461

$72,915,000

106.6%

Wilmington CUSD 209U

$28,917,139

$30,711,693

106.2%

Lincoln Way CHSD 210

$243,218,632

$253,291,804

104.1%

Valley View CUSD 365U

$299,843,876

$299,395,099

99.9%

Summit Hill SD 161

$57,026,356

$52,610,232

92.3%

Union SD 81

$6,431,039

$5,264,083

81.9%

Minooka CHSD 111

$78,103,529

$63,065,000

80.7%

Joliet PSD 86

$57,812,356

$45,941,788

79.5%

Manhattan SD 114

$16,060,565

$11,045,125

68.8%

Plainfield SD 202

$404,103,672

$273,002,602

67.6%

Beecher CUSD 200U

$19,870,084

$12,336,978

62.1%

Joliet Twp HSD 204

$179,294,172

$95,760,000

53.4%

Lockport SD 91

$9,177,760

$4,744,332

51.7%

Peotone CUSD 207U

$46,083,434

$22,815,104

49.5%

Fairmont SD 89

$3,756,697

$1,710,000

45.5%

Frankfort CCSD 157C

$51,893,146

$21,587,360

41.6%

Chaney-Monge SD 88

$4,176,023

$1,354,000

32.4%

Rockdale SD 84

$5,305,922

$1,510,784

28.5%

Mokena SD 159

$36,722,019

$9,542,772

26%

Reed Custer CUSD 255U

$85,071,471

$19,410,000

22.8%

Will County SD 92

$46,654,088

$7,180,000

15.4%

Lockport Twp HSD 205

$152,681,519

$6,735,000

4.4%

Laraway CCSD 70C

$15,596,870

$670,000

4.3%

Elwood CCSD 203

$6,092,985

$16,037

0.3%

Homer CCSD 33C

$66,787,976

Channahon SD 17

$43,247,578

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