Russell Ragon Superintendent | Official Website
Russell Ragon Superintendent | Official Website
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.
Outstanding School Debt by School District in Will County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 2 | Valley View Community Unit School District 365U | $265,500,264 | 59.3% | 8.2% | 14,660 |
| 2 | 8 | Lincoln Way Community High School District 210 | $199,574,931 | 57% | 3.9% | 6,658 |
| 3 | 18 | Crete-Monee Community Unit School District 201-U | $129,334,456 | 112.6% | 15.5% | 4,407 |
| 4 | 22 | New Lenox School District 122 | $116,993,942 | 94.6% | 6.5% | 4,971 |
| 5 | 27 | Plainfield School District 202 | $110,028,562 | 17.2% | 2.4% | 24,554 |
| 6 | 30 | Joliet Public School District 86 | $108,885,000 | 117% | 8.1% | 9,415 |
| 7 | 33 | Manhattan School District 114 | $95,649,117 | 321.3% | 22.2% | 1,904 |
| 8 | 48 | Joliet Township High School District 204 | $70,352,853 | 24% | 1.7% | 6,688 |
| 9 | 116 | Troy Community Consolidated School District 30C | $31,685,000 | 30.2% | 2.1% | 3,907 |
| 10 | 146 | Wilmington Community Unit School District 209U | $24,930,000 | 61.1% | 8.4% | 1,209 |
| 11 | 176 | Laraway Community Consolidated School District 70C | $19,827,941 | 62.5% | 4.3% | 452 |
| 12 | 189 | Summit Hill School District 161 | $18,220,000 | 24.5% | 1.7% | 2,369 |
| 13 | 240 | Will County School District 92 | $13,605,000 | 21.4% | 1.5% | 1,408 |
| 14 | 244 | Peotone Community Unit School District 207U | $13,560,000 | 20.4% | 2.8% | 1,272 |
| 15 | 278 | Reed Custer Community Unit School District 255U | $11,619,737 | 11.7% | 1.6% | 1,324 |
| 16 | 288 | Richland Grade School District 88A | $11,010,000 | 41.4% | 2.9% | 813 |
| 17 | 356 | Frankfort Community Consolidated School District 157C | $7,495,000 | 9.9% | 0.7% | 2,643 |
| 18 | 417 | Homer Community Consolidated School District 33C | $5,466,452 | 5.5% | 0.4% | 3,675 |
| 19 | 425 | Mokena School District 159 | $5,230,000 | 10.4% | 0.7% | 1,556 |
| 20 | 454 | Lockport Township High School District 205 | $4,550,000 | 2% | 0.1% | 3,785 |
| 21 | 496 | Lockport School District 91 | $3,658,900 | 26.2% | 1.8% | 517 |
| 22 | 521 | Chaney-Monge School District 88 | $3,179,000 | 49% | 3.4% | 401 |
| 23 | 537 | Taft School District 90 | $2,820,000 | 46.8% | 3.2% | 254 |
| 24 | 572 | Beecher Community Unit School District 200U | $2,050,000 | 7.1% | 1% | 1,033 |
| 25 | 581 | Fairmont School District 89 | $1,835,000 | 27.6% | 1.9% | 283 |
| 26 | 603 | Rockdale School District 84 | $1,500,000 | 23.6% | 1.6% | 240 |
| 27 | 736 | Union School District 81 | $164,083 | 1.6% | 0.1% | 122 |
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