McLean County Times

School districts across McLean County held a combined $171.6 million in long-term outstanding debt as of fiscal year 2024, amounting to 25.4% 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 21,863 students, the countywide debt translates to approximately $7,851 per student as of fiscal year 2024.

The county includes seven school districts, of which McLean County Unit School District 5 held the most debt, totaling $57.1 million.

McLean County Unit School District 5 ranked 59th statewide among all 851 Illinois districts reporting outstanding debt.

Among the school districts in McLean County, Lexington Community Unit School District 7 used the highest percentage of its EAV-based debt limit at 10.6%, holding $12.7 million in outstanding debt with 478 students enrolled—approximately $26,587 per student. LeRoy Community Unit School District 2 ranked second, using 8.3% of its borrowing capacity with $12.2 million in long-term debt and an enrollment of 754— $16,219 per student.

Countywide, students identifying as white comprised the largest ethnic group in McLean County schools, accounting for 63.3% of the total enrollment. The second-largest ethnic group was Black, comprising 14% 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	59	McLean County Unit School District 5	$57,136,138	14.3%	2%	12,357
2	85	Bloomington School District 87	$42,930,000	31%	4.3%	4,610
3	181	Olympia Community Unit School District 16	$19,062,207	36.5%	5%	1,734
4	199	Tri-Valley Community Unit School District 3	$16,947,539	60%	8.3%	1,071
5	254	Lexington Community Unit School District 7	$12,708,631	76.7%	10.6%	478
6	262	LeRoy Community Unit School District 2	$12,228,849	60.2%	8.3%	754
7	294	Heyworth Community Unit School District 4	$10,635,000	49.2%	6.8%	859