Debt-to-EAV ratios reveal borrowing levels across Calhoun County school districts

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By T. Y. Boswell

Sep 9, 2025

School districts across Calhoun County held a combined $8 million in long-term outstanding debt as of fiscal year 2024, amounting to 56% 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 584 students, the countywide debt translates to approximately $13,749 per student as of fiscal year 2024.

The county includes two school districts, of which Calhoun Community Unit School District 40 held the most debt, totaling $7.8 million.

Calhoun Community Unit School District 40 ranked 349th statewide among all 851 Illinois districts reporting outstanding debt.

Among the school districts in Calhoun County, Calhoun Community Unit School District 40 used the highest percentage of its EAV-based debt limit at 11.3%, holding $7.8 million in outstanding debt with 500 students enrolled—approximately $15,655 per student. Brussels Community Unit School District 42 ranked second, using 0.6% of its borrowing capacity with $201,618 in long-term debt and an enrollment of 84— $2,400 per student.

Countywide, students identifying as white comprised the largest ethnic group in Calhoun County schools, accounting for 95.2% of the total enrollment. The second-largest ethnic group was Hispanic, comprising 1.9% 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 Calhoun County, FY 2023 vs. 2024