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Rockford Sun

Monday, December 23, 2024

Rockford SD 205 holds $218.6 million in long-term debt

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Rockford School District 205 has $218,589,852 in debt, according to Illinois State Board of Education 2016 financial reports obtained by the Rockford Sun.

Because state law allows the district to borrow a total of $270,587,647, Rockford SD 205 has reached 80.8 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, Rockford 205, an unit school district, had an EAV of $1,960,780,052, according to ISBE.

The following table ranks debt held by area school districts.

School district
Maximum debt allowed
Current debt
Percentage used
Prairie Hill CCSD 133
$7,762,508
$11,725,000
151%
Rockford SD 205
$270,587,647
$218,589,852
80.8%
County of Winnebago SD 320
$9,954,179
$7,347,000
73.8%
Belvidere CUSD 100
$103,243,650
$56,655,310
54.9%
Rockton SD 140
$14,403,247
$4,030,000
28%
Kinnikinnick CCSD 131
$20,399,139
$4,578,719
22.4%
Durand CUSD 322
$10,468,548
$1,606,540
15.3%
Hononegah CHD 207
$44,515,647
$5,610,000
12.6%
Shirland CCSD 134
$1,950,753
$4,012
0.2%

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