Joel Schmieg, Superintendent at Elmwood Community Unit School District 322 | Elmwood Community Unit School District 322
Joel Schmieg, Superintendent at Elmwood Community Unit School District 322 | Elmwood Community Unit School District 322
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 26,674 students, the countywide debt translates to approximately $8,547 per student as of fiscal year 2024.
The county includes 17 school districts, of which Peoria School District 150 held the most debt, totaling $114.4 million.
Peoria School District 150 ranked 24th statewide among all 851 Illinois districts reporting outstanding debt.
Among the school districts in Peoria County, Elmwood Community Unit School District 322 used the highest percentage of its EAV-based debt limit at 9.7%, holding $9.9 million in outstanding debt with 624 students enrolled—approximately $15,786 per student. Princeville Community Unit School District 326 ranked second, using 9.5% of its borrowing capacity with $11.6 million in long-term debt and an enrollment of 631— $18,432 per student.
Countywide, students identifying as white comprised the largest ethnic group in Peoria County schools, accounting for 48.6% of the total enrollment. The second-largest ethnic group was Black, comprising 30.9% 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.
Outstanding School Debt by School District in Peoria County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 24 | Peoria School District 150 | $114,355,342 | 55.5% | 7.7% | 12,661 |
| 2 | 103 | Dunlap Community Unit School District 323 | $35,490,000 | 26.3% | 3.6% | 4,752 |
| 3 | 256 | Illinois Valley Central Unit School District 321 | $12,601,364 | 29.6% | 4.1% | 2,075 |
| 4 | 266 | Brimfield Community Unit School District 309 | $12,133,626 | 62.2% | 8.6% | 595 |
| 5 | 277 | Princeville Community Unit School District 326 | $11,630,700 | 68.5% | 9.5% | 631 |
| 6 | 308 | Elmwood Community Unit School District 322 | $9,850,343 | 70.4% | 9.7% | 624 |
| 7 | 353 | Illini Bluffs Community Unit School District 327 | $7,582,000 | 40% | 5.5% | 844 |
| 8 | 358 | Limestone Community High School District 310 | $7,480,000 | 30.2% | 2.1% | 883 |
| 9 | 437 | Norwood Elementary School District 63 | $4,900,000 | 122.9% | 8.5% | 353 |
| 10 | 442 | Peoria Heights Community Unit School District 325 | $4,791,895 | 28.2% | 3.9% | 704 |
| 11 | 548 | Oak Grove School District 68 | $2,540,000 | 55.7% | 3.8% | 270 |
| 12 | 552 | Farmington Central Community Unit School District 265 | $2,450,000 | 9.3% | 1.3% | 1,233 |
| 13 | 668 | Hollis Consolidated School District 328 | $652,000 | 41.4% | 2.9% | 144 |
| 14 | 672 | Bartonville School District 66 | $609,000 | 25.6% | 1.8% | 291 |
| 15 | 690 | Pleasant Hill School District 69 | $439,000 | 36.3% | 2.5% | 165 |
| 16 | 694 | Monroe School District 70 | $430,169 | 11.3% | 0.8% | 272 |
| 17 | 757 | Limestone Walters Community Consolidated School District 316 | $44,822 | 1.2% | 0.1% | 177 |
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