Geneseo CUSD 228 holds $38.2 million in long-term debt

By Rock Island Today Reports

Jun 30, 2017

Geneseo Community Unit School District 228 has $38,178,327 in debt, according to Illinois State Board of Education 2016 financial reports obtained by the Rock Island Today.

Because state law allows the district to borrow a total of $46,535,446, Geneseo CUSD 228 has reached 82 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, Geneseo 228, an unit school district, had an EAV of $337,213,380, according to ISBE.

The following table ranks debt held by area school districts.

School district

Maximum debt allowed

Current debt

Percentage used

Rock Falls ESD 13

$4,578,564

$4,129,000

90.2%

Geneseo CUSD 228

$46,535,446

$38,178,327

82%

East Moline SD 37

$22,243,905

$17,765,000

79.9%

Silvis SD 34

$4,960,094

$3,752,000

75.6%

Montmorency CCSD 145

$2,759,501

$1,575,000

57.1%

Kewanee CUSD 229

$10,034,585

$4,895,000

48.8%

Rock Falls Twp HSD 301

$10,849,349

$5,205,198

48%

Colona SD 190

$2,695,802

$1,075,000

39.9%

Orion CUSD 223

$18,762,159

$7,379,933

39.3%

Carbon Cliff-Barstow SD 36

$1,788,164

$700,000

39.1%

Rockridge CUSD 300

$27,432,257

$9,740,000

35.5%

Wethersfield CUSD 230

$7,328,672

$2,490,000

34%

East Coloma - Nelson CESD 20

$3,511,284

$1,094,000

31.2%

Sherrard CUSD 200

$20,955,794

$6,387,882

30.5%

Sterling CUSD 5

$40,084,102

$10,918,435

27.2%

AlWood CUSD 225

$8,516,118

$2,249,416

26.4%

Morrison CUSD 6

$15,341,786

$3,542,564

23.1%

Hampton SD 29

$2,727,989

$601,459

22%

Moline-Coal Valley CUSD 40

$111,566,493

$23,846,654

21.4%

Riverdale CUSD 100

$20,814,667

$3,568,208

17.1%

Cambridge CUSD 227

$7,788,174

$1,235,000

15.9%

Mercer County School District 404

$19,121,140

$2,998,813

15.7%

Annawan CUSD 226

$6,800,722

$900,000

13.2%

Galva CUSD 224

$10,390,019

$1,125,000

10.8%

Prophetstown-Lyndon-Tampico CUSD3

$11,919,746

$1,204,400

10.1%

United Twp HSD 30

$34,415,953

$3,000,000

8.7%

River Bend CUSD 2

$14,882,183

$1,200,000

8.1%

Erie CUSD 1

$34,125,762

ORGANIZATIONS IN THIS STORY

Geneseo Community Unit School District 228

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