Chambana Sun

School districts across Vermilion County held a combined $76.2 million in long-term outstanding debt as of fiscal year 2024, amounting to 44.2% 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 10,626 students, the countywide debt translates to approximately $7,170 per student as of fiscal year 2024.

The county includes 11 school districts, of which Danville Community Consolidated School District 118 held the most debt, totaling $27.1 million.

Danville Community Consolidated School District 118 ranked 139th statewide among all 851 Illinois districts reporting outstanding debt.

Among the school districts in Vermilion County, Georgetown-Ridge Farm Consolidated Unit School District 4 used the highest percentage of its EAV-based debt limit at 9.3%, holding $8.3 million in outstanding debt with 834 students enrolled—approximately $9,982 per student. Oakwood Community Unit School District 76 ranked second, using 8.1% of its borrowing capacity with $9.8 million in long-term debt and an enrollment of 820— $11,936 per student.

Countywide, students identifying as white comprised the largest ethnic group in Vermilion County schools, accounting for 64.1% of the total enrollment. The second-largest ethnic group was Black, comprising 21.3% 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.

County Rank	State Rank	School District	Outstanding Debt	Percentage of Debt Limit Used	Percentage of EAV Used	Enrollment
1	139	Danville Community Consolidated School District 118	$27,104,215	43.8%	6%	4,738
2	287	Salt Fork Community Unit School District 512	$11,141,922	55.9%	7.7%	861
3	310	Oakwood Community Unit School District 76	$9,787,624	59%	8.1%	820
4	337	Georgetown-Ridge Farm Consolidated Unit School District 4	$8,325,000	67.3%	9.3%	834
5	408	Bismarck-Henning Consolidated Unit School District	$5,751,688	38%	5.2%	544
6	433	Westville Community Unit School District 2	$4,980,000	49.8%	6.9%	1,142
7	525	Rossville-Alvin Community Unit School District 7	$3,095,382	40.6%	5.6%	280
8	571	Armstrong Township High School District 225	$2,101,732	37.6%	2.6%	114
9	590	Potomac Community Unit School District 10	$1,677,000	40.4%	5.6%	131
10	600	Hoopeston Area Community Unit School District 11	$1,549,100	10.3%	1.4%	1,076
11	666	Armstrong-Ellis Consolidated School District 61	$674,000	17.5%	1.2%	86