School districts across Champaign County held a combined $319.7 million in long-term outstanding debt as of fiscal year 2024, amounting to 42.4% 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 24,834 students, the countywide debt translates to approximately $12,872 per student as of fiscal year 2024.
The county includes 14 school districts, of which Champaign Community Unit School District 4 held the most debt, totaling $212.7 million.
Champaign Community Unit School District 4 ranked sixth statewide among all 851 Illinois districts reporting outstanding debt.
Among the school districts in Champaign County, Fisher Community Unit School District 1 used the highest percentage of its EAV-based debt limit at 9.1%, holding $9.4 million in outstanding debt with 613 students enrolled—approximately $15,306 per student. Rantoul City School District 137 ranked second, using 9% of its borrowing capacity with $14.2 million in long-term debt and an enrollment of 1,684— $8,417 per student.
Countywide, students identifying as white comprised the largest ethnic group in Champaign County schools, accounting for 46.5% of the total enrollment. The second-largest ethnic group was Black, comprising 25.6% 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 Champaign County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 6 | Champaign Community Unit School District 4 | $212,701,151 | 51.1% | 7% | 10,250 |
| 2 | 143 | Urbana School District 116 | $26,695,000 | 22.1% | 3.1% | 4,342 |
| 3 | 182 | Mahomet-Seymour Community Unit School District 3 | $18,892,343 | 25.8% | 3.6% | 3,385 |
| 4 | 236 | Rantoul City School District 137 | $14,175,000 | 130.6% | 9% | 1,684 |
| 5 | 272 | St. Joseph-Ogden Community High School District 305 | $11,935,000 | 66.9% | 4.6% | 436 |
| 6 | 295 | Tolono Community Unit School District 7 | $10,567,000 | 28.8% | 4% | 1,499 |
| 7 | 316 | Fisher Community Unit School District 1 | $9,382,654 | 66.2% | 9.1% | 613 |
| 8 | 388 | St. Joseph Community Consolidated School District 169 | $6,379,391 | 54% | 3.7% | 821 |
| 9 | 452 | Heritage Community Unit School District 8 | $4,590,000 | 25.9% | 3.6% | 356 |
| 10 | 613 | Rantoul Township High School District 193 | $1,408,000 | 7.3% | 0.5% | 827 |
| 11 | 620 | Thomasboro Community Consolidated School District 130 | $1,345,000 | 50.3% | 3.5% | 141 |
| 12 | 629 | Prairieview-Ogden Community Consolidated School District 197 | $1,182,000 | 16% | 1.1% | 275 |
| 13 | 718 | Gifford Community Consolidated School District 188 | $262,000 | 5.9% | 0.4% | 158 |
| 14 | 740 | Ludlow Community Consolidated School District 142 | $141,000 | 7.9% | 0.5% | 47 |
