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Thursday, March 28, 2024

Spring Garden CCSD 178 holds $469.9k in long-term debt

Elm 06

Spring Garden Community Consolidated School District 178 has $469,889 in debt, according to Illinois State Board of Education 2016 financial reports obtained by the SW Illinois News.

Because state law allows the district to borrow a total of $1,626,153, Spring Garden CCSD 178 has reached 28.9 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, Spring Garden 178, an elementary school district, had an EAV of $23,567,433, according to ISBE.

The following table ranks debt held by area school districts.

School district
Maximum debt allowed
Current debt
Percentage used
Christopher USD 99
$4,171,418
$6,345,590
152.1%
Century CUSD 100
$2,166,419
$3,205,000
147.9%
Carterville CUSD 5
$24,696,755
$34,898,158
141.3%
Duquoin CUSD 300
$10,832,615
$13,960,000
128.9%
Herrin CUSD 4
$22,280,907
$26,714,071
119.9%
Vienna SD 55
$2,210,733
$2,518,595
113.9%
Zeigler-Royalton CUSD 188
$3,254,173
$3,430,000
105.4%
Sparta CUSD 140
$12,734,754
$12,014,403
94.3%
Meridian CUSD 101
$3,034,806
$2,716,646
89.5%
Johnston City CUSD 1
$10,071,190
$8,972,748
89.1%
Pinckneyville CHSD 101
$7,132,000
$6,205,000
87%
Mt Vernon Twp HSD 201
$24,926,917
$19,450,000
78%
Chester CUSD 139
$11,180,996
$8,700,000
77.8%
Benton CCSD 47
$6,699,247
$4,995,126
74.6%
Steeleville CUSD 138
$5,395,224
$3,245,000
60.1%
Elverado CUSD 196
$3,446,871
$2,011,000
58.3%
Crab Orchard CUSD 3
$4,232,398
$2,446,683
57.8%
DeSoto Cons SD 86
$1,300,096
$672,000
51.7%
McClellan CCSD 12
$1,177,312
$603,737
51.3%
Goreville CUD 1
$7,947,570
$3,874,728
48.8%
County of Union Sch Dist No43
$1,859,271
$878,700
47.3%
Thompsonville CUSD 174
$2,575,060
$1,197,400
46.5%
Giant City CCSD 130
$2,781,514
$1,240,000
44.6%
Cobden SUD 17
$4,943,154
$2,170,000
43.9%
Mount Vernon SD 80
$12,256,454
$4,691,817
38.3%
Marion CUSD 2
$71,854,207
$27,051,800
37.6%
Dongola USD 66
$2,221,521
$800,000
36%
New Simpson Hill SD 32
$1,203,383
$425,000
35.3%
Farrington CCSD 99
$461,270
$150,000
32.5%
Carbondale ESD 95
$23,348,587
$7,511,947
32.2%
Cairo USD 1
$2,263,293
$725,964
32.1%
Spring Garden CCSD 178
$1,626,153
$469,889
28.9%
Unity Point CCSD 140
$4,969,705
$1,273,779
25.6%
Trico CUSD 176
$9,456,243
$2,170,000
22.9%
Ewing Northern CCSD 115
$1,435,250
$315,180
22%
CCSD 204
$2,035,447
$440,000
21.6%
Bluford Unit School District 318
$4,522,074
$971,647
21.5%
Sesser-Valier CUSD 196
$4,521,989
$875,000
19.3%
Pinckneyville SD 50
$4,688,255
$900,000
19.2%
Bethel SD 82
$1,368,822
$260,000
19%
Frankfort CUSD 168
$12,679,223
$2,370,000
18.7%
Carbondale CHSD 165
$32,399,902
$5,833,766
18%
Shawnee CUSD 84
$7,946,543
$1,413,300
17.8%
Tamaroa School Dist 5
$518,125
$82,000
15.8%
Benton Cons HSD 103
$9,711,458
$1,291,406
13.3%
Red Bud CUSD 132
$32,150,785
$4,145,000
12.9%
Murphysboro CUSD 186
$21,505,086
$2,635,000
12.3%
Coulterville USD 1
$2,072,572
$243,000
11.7%
Grand Prairie CCSD 6
$688,152
$78,227
11.4%
Rome CCSD 2
$2,086,422
$185,514
8.9%
Egyptian CUSD 5
$2,369,401
$186,977
7.9%
Summersville SD 79
$1,641,922
$120,000
7.3%
Field CCSD 3
$1,835,930
$117,421
6.4%
Woodlawn Unit School District 209
$8,556,671
$534,200
6.2%
Opdyke-Belle-Rive CCSD 5
$1,217,394
$72,340
5.9%
Lick Creek CCSD 16
$1,141,047
$57,400
5%
Akin CCSD 91
$3,231,641
$160,000
5%
Prairie Du Rocher CCSD 134
$763,028
$0
0%
Buncombe Cons SD 43
$414,386
$0
0%
Waltonville CUSD 1
$3,726,777
$0
0%

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