Nippersink SD 2 holds $301k in long-term debt

By Local Labs News Service

Jul 17, 2017

Nippersink School District 2 has $301,008 in debt, which is $110 per household in the district, according to Illinois State Board of Education 2016 financial reports obtained by the McHenry Times.

Because state law allows the district to borrow a total of $21,055,496, Nippersink SD 2 has reached 1.4 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, Nippersink 2, an elementary school district, had an EAV of $305,152,114, according to ISBE.

The following table ranks debt held by McHenry County school districts.

School district

Maximum debt allowed

Current debt

Percentage used

Woodstock CUSD 200

$99,780,897

$112,885,118

113.1%

Johnsburg CUSD 12

$42,740,962

$43,675,551

102.2%

CUSD 300

$385,639,375

$334,201,064

86.7%

Harvard CUSD 50

$28,693,063

$22,537,429

78.5%

Cary CCSD 26

$37,144,954

$26,995,000

72.7%

Porta CUSD 202

$21,418,567

$12,789,955

59.7%

Harrison SD 36

$4,130,024

$2,318,000

56.1%

Huntley Comm Sch Dist 158

$156,222,305

$86,843,041

55.6%

Richmond-Burton CHSD 157

$21,055,496

$7,495,000

35.6%

Fox River Grove Cons SD 3

$6,369,193

$2,065,000

32.4%

Prairie Grove CSD 46

$14,578,969

$3,956,407

27.1%

McHenry CHSD 156

$62,509,336

$16,230,000

26%

McHenry CCSD 15

$59,242,040

$14,441,941

24.4%

Marengo-Union E Cons D 165

$13,840,056

$3,007,145

21.7%

Crystal Lake CCSD 47

$109,149,221

$22,509,629

20.6%

CHSD 155

$167,242,337

$29,146,011

17.4%

Marengo CHSD 154

$20,586,904

$2,908,848

14.1%

Alden Hebron SD 19

$9,991,897

$603,582

Nippersink SD 2

$21,055,496

$301,008

1.4%

Riley CCSD 18

$6,746,848

ORGANIZATIONS IN THIS STORY

Mchenry County• Nippersink School District 2• Illinois State Board Of Education

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