Quantcast

Will County Gazette

Monday, September 29, 2025

Will County school districts ranked by share of debt capacity used in fiscal year 2024

Webp v284vld925fdwl1w21vn8plx7af0

Russell Ragon Superintendent | Official Website

Russell Ragon Superintendent | Official Website

School districts across Will County held a combined $1.3 billion in long-term outstanding debt as of fiscal year 2024, amounting to 40.9% of the area’s total allowable borrowing capacity, according to the Illinois State Board of Education.

Under Illinois law, districts may only borrow up to a certain limit based on their Equalized Assessed Value (EAV)—a standardized measure of taxable property used to determine legal debt caps.

Based on the school district's enrollment of 100,520 students, the countywide debt translates to approximately $12,721 per student as of fiscal year 2024.

The county includes 27 school districts, of which Valley View Community Unit School District 365U held the most debt, totaling $265.5 million.

Valley View Community Unit School District 365U ranked second statewide among all 851 Illinois districts reporting outstanding debt.

Among the school districts in Will County, Manhattan School District 114 used the highest percentage of its EAV-based debt limit at 22.2%, holding $95.6 million in outstanding debt with 1,904 students enrolled—approximately $50,236 per student. Crete-Monee Community Unit School District 201-U ranked second, using 15.5% of its borrowing capacity with $129.3 million in long-term debt and an enrollment of 4,407— $29,348 per student.

Countywide, students identifying as white comprised the largest ethnic group in Will County schools, accounting for 46.4% of the total enrollment. The second-largest ethnic group was Hispanic, comprising 32.1% of the student body.

The data was obtained by Wirepoints through a Freedom of Information Act request to the Illinois State Board of Education.

Illinois has enacted a law that changes the amount of debt school districts can issue. According to an analysis by Chapman, the new rules permit school districts to borrow more money than previously allowed. At the same time, the law modifies limits on property tax extensions that fund this debt. As a result, if districts take on more debt, local property taxes could increase to cover the additional costs.

The Illinois State Board of Education’s budget for fiscal year 2026 will increase from nearly $10.8 billion to about $11.2 billion. This includes a $307 million boost for K–12 schools, marking the smallest annual increase since 2020.

The agency has paused about $50 million in funding previously allocated through the Evidence-Based Funding formula for the Property Tax Relief Grant while reviewing its impact on local tax relief. Officials say the pause could affect the timing and amount of property tax relief available to taxpayers.

The annual reporting aims to increase transparency and accountability around school debt. Future reports will include 15 years of historical data, allowing residents to track long-term financial trends.

Average School Debt per School District in Will County, FY 2023 vs. 2024

040.0M80.0M120.0M160.0M200.0M240.0MUnion SD 81Rockdale SD 84Fairmont SD 89Beecher Community Unit SD 200UTaft SD 90Chaney-Monge SD 88Lockport SD 91Lockport Township High SD 205Mokena SD 159Homer Community Consolidated SD 33CFrankfort Community Consolidated SD 157CRichland Grade SD 88AReed Custer Community Unit SD 255UPeotone Community Unit SD 207UWill County SD 92Summit Hill SD 161Laraway Community Consolidated SD 70CWilmington Community Unit SD 209UTroy Community Consolidated SD 30CJoliet Township High SD 204Manhattan SD 114Joliet Public SD 86Plainfield SD 202New Lenox SD 122Crete-Monee Community Unit SD 201-ULincoln Way Community High SD 210Valley View Community Unit SD 365UDebt FY 2023 ($)Debt FY 2024 ($)

Outstanding School Debt by School District in Will County, FY 2024

County RankState RankSchool DistrictOutstanding DebtPercentage of Debt Limit UsedPercentage of EAV UsedEnrollment
12Valley View Community Unit School District 365U$265,500,26459.3%8.2%14,660
28Lincoln Way Community High School District 210$199,574,93157%3.9%6,658
318Crete-Monee Community Unit School District 201-U$129,334,456112.6%15.5%4,407
422New Lenox School District 122$116,993,94294.6%6.5%4,971
527Plainfield School District 202$110,028,56217.2%2.4%24,554
630Joliet Public School District 86$108,885,000117%8.1%9,415
733Manhattan School District 114$95,649,117321.3%22.2%1,904
848Joliet Township High School District 204$70,352,85324%1.7%6,688
9116Troy Community Consolidated School District 30C$31,685,00030.2%2.1%3,907
10146Wilmington Community Unit School District 209U$24,930,00061.1%8.4%1,209
11176Laraway Community Consolidated School District 70C$19,827,94162.5%4.3%452
12189Summit Hill School District 161$18,220,00024.5%1.7%2,369
13240Will County School District 92$13,605,00021.4%1.5%1,408
14244Peotone Community Unit School District 207U$13,560,00020.4%2.8%1,272
15278Reed Custer Community Unit School District 255U$11,619,73711.7%1.6%1,324
16288Richland Grade School District 88A$11,010,00041.4%2.9%813
17356Frankfort Community Consolidated School District 157C$7,495,0009.9%0.7%2,643
18417Homer Community Consolidated School District 33C$5,466,4525.5%0.4%3,675
19425Mokena School District 159$5,230,00010.4%0.7%1,556
20454Lockport Township High School District 205$4,550,0002%0.1%3,785
21496Lockport School District 91$3,658,90026.2%1.8%517
22521Chaney-Monge School District 88$3,179,00049%3.4%401
23537Taft School District 90$2,820,00046.8%3.2%254
24572Beecher Community Unit School District 200U$2,050,0007.1%1%1,033
25581Fairmont School District 89$1,835,00027.6%1.9%283
26603Rockdale School District 84$1,500,00023.6%1.6%240
27736Union School District 81$164,0831.6%0.1%122

MORE NEWS