John Asplund, Superintendent at Galesburg Community Unit School District 205 | Galesburg Community Unit School District 205
John Asplund, Superintendent at Galesburg Community Unit School District 205 | Galesburg Community Unit School District 205
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 6,574 students, the countywide debt translates to approximately $16,207 per student as of fiscal year 2024.
The county includes five school districts, of which Galesburg Community Unit School District 205 held the most debt, totaling $75.7 million.
Galesburg Community Unit School District 205 ranked 45th statewide among all 851 Illinois districts reporting outstanding debt.
Among the school districts in Knox County, Galesburg Community Unit School District 205 used the highest percentage of its EAV-based debt limit at 14.1%, holding $75.7 million in outstanding debt with 3,861 students enrolled—approximately $19,604 per student. ROWVA Community Unit School District 208 ranked second, using 10.6% of its borrowing capacity with $13.6 million in long-term debt and an enrollment of 605— $22,521 per student.
Countywide, students identifying as white comprised the largest ethnic group in Knox County schools, accounting for 69.4% of the total enrollment. The second-largest ethnic group was Black, comprising 10.9% 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 Knox County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 45 | Galesburg Community Unit School District 205 | $75,690,000 | 101.8% | 14.1% | 3,861 |
| 2 | 239 | ROWVA Community Unit School District 208 | $13,625,000 | 77% | 10.6% | 605 |
| 3 | 322 | Knoxville Community Unit School District 202 | $9,100,000 | 45.9% | 6.3% | 936 |
| 4 | 366 | Abingdon-Avon Community Unit School District 276 | $7,258,712 | 42.6% | 5.9% | 886 |
| 5 | 652 | Williamsfield Community Unit School District 210 | $867,900 | 5.2% | 0.7% | 286 |
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