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

By South West Illinois News Reports

Jul 20, 2017

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

Akin CCSD 91

$3,231,641

$160,000

Prairie Du Rocher CCSD 134

$763,028

Buncombe Cons SD 43

$414,386

Waltonville CUSD 1

$3,726,777

ORGANIZATIONS IN THIS STORY

Spring Garden Community Consolidated School District 178 Board

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