Salt Creek SD 48 holds $2.6 million in long-term debt

By Local Labs News Service

Jul 30, 2017

Salt Creek School District 48 has $2,621,260 in debt, which is $1,070 per household in the district, according to Illinois State Board of Education 2016 financial reports obtained by the DuPage Policy Journal.

Because state law allows the district to borrow a total of $40,274,178, Salt Creek SD 48 has reached 6.5 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, Salt Creek 48, an elementary school district, had an EAV of $583,683,744, according to ISBE.

The following table ranks debt held by DuPage County school districts.

School district

Maximum debt allowed

Current debt

Percentage used

Queen Bee SD 16

$20,491,188

$18,983,488

92.6%

Bensenville SD 2

$40,055,740

$35,970,000

89.8%

West Chicago ESD 33

$43,777,566

$34,465,000

78.7%

Keeneyville SD 20

$23,815,968

$11,990,237

50.3%

CUSD 200

$379,198,701

$163,830,407

43.2%

Maercker SD 60

$37,462,519

$16,008,466

42.7%

Marquardt SD 15

$33,390,327

$13,273,694

39.8%

Roselle SD 12

$16,194,990

$6,225,000

38.4%

Winfield SD 34

$8,574,443

$3,223,164

37.6%

Indian Prairie CUSD 204

$655,716,748

$239,319,987

36.5%

CCSD 89

$50,630,018

$18,112,996

35.8%

Itasca SD 10

$31,862,058

$11,090,947

34.8%

Grant Park CUSD 6

$9,685,246

$3,293,911

34%

Medinah SD 11

$19,245,359

$5,980,000

31.1%

Cass SD 63

$21,120,552

$6,017,801

28.5%

Lake Park CHSD 108

$125,280,416

$34,979,441

27.9%

Glenbard Twp HSD 87

$333,479,613

$77,523,582

23.2%

CUSD 201

$62,017,137

$13,730,000

22.1%

CCSD 93

$73,454,060

$16,124,518

22%

Addison SD 4

$69,476,480

$13,545,000

19.5%

Darien SD 61

$29,947,804

$5,589,260

18.7%

Gower SD 62

$45,697,194

$7,633,711

16.7%

Fenton CHSD 100

$73,233,286

$11,725,000

16%

CHSD 99

$272,015,532

$42,854,600

15.8%

Glen Ellyn SD 41

$84,780,665

$12,034,622

14.2%

Wood Dale SD 7

$33,177,546

$3,769,730

11.4%

Lombard SD 44

$70,733,355

$7,647,500

10.8%

Bloomingdale SD 13

$34,162,041

$3,249,516

9.5%

CHSD 94

$66,752,496

$5,225,000

7.8%

Lisle CUSD 202

$75,971,306

$5,647,933

7.4%

Downers Grove GSD 58

$166,936,456

$11,943,985

7.2%

Salt Creek SD 48

$40,274,178

$2,621,260

6.5%

Hinsdale Twp HSD 86

$343,951,679

$22,220,000

6.5%

Naperville CUSD 203

$597,228,605

$33,325,218

5.6%

Butler SD 53

$54,606,407

$840,000

1.5%

Woodridge SD 68

$50,991,354

ORGANIZATIONS IN THIS STORY

Salt Creek School District 48• Dupage Policy Journal• Addison School District 4• DuPage County

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