Will County Gazette

Will County Gazette

Thursday, November 14, 2019

Channahon SD 17 holds no long-term debt

Schools

By Local Labs News Service | Jul 29, 2017

Elm 13

Channahon School District 17 is one of the few school districts in Illinois with no long-term debt, according to Illinois State Board of Education 2016 financial reports obtained by the Will County Gazette. The reports are as of 2016.

State law allows Channahon SD 17 to borrow a total of $43,247,578.

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, Channahon 17, an elementary school district, had an EAV of $626,776,490, 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
$0
0%
Channahon SD 17
$43,247,578
$0
0%

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Will CountyChannahon School District 17

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