Rebecca Baney, Superintendent at Kewanee Community Unit School District 229 | Kewanee Community Unit School District 229
Rebecca Baney, Superintendent at Kewanee Community Unit School District 229 | Kewanee Community Unit School District 229
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 7,881 students, the countywide debt translates to approximately $7,345 per student as of fiscal year 2024.
The county includes nine school districts, of which Geneseo Community Unit School District 228 held the most debt, totaling $29.2 million.
Geneseo Community Unit School District 228 ranked 133rd statewide among all 851 Illinois districts reporting outstanding debt.
Among the school districts in Henry County, Kewanee Community Unit School District 229 used the highest percentage of its EAV-based debt limit at 7.6%, holding $7.8 million in outstanding debt with 1,986 students enrolled—approximately $3,945 per student. Wethersfield Community Unit School District 230 ranked second, using 6.3% of its borrowing capacity with $4.3 million in long-term debt and an enrollment of 536— $7,985 per student.
Countywide, students identifying as white comprised the largest ethnic group in Henry County schools, accounting for 81.8% of the total enrollment. The second-largest ethnic group was Hispanic, comprising 10.3% 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 Henry County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 133 | Geneseo Community Unit School District 228 | $29,177,217 | 44.1% | 6.1% | 2,424 |
| 2 | 348 | Kewanee Community Unit School District 229 | $7,835,000 | 54.7% | 7.6% | 1,986 |
| 3 | 360 | Orion Community Unit School District 223 | $7,445,800 | 27.3% | 3.8% | 965 |
| 4 | 462 | Wethersfield Community Unit School District 230 | $4,280,000 | 45.8% | 6.3% | 536 |
| 5 | 518 | Cambridge Community Unit School District 227 | $3,233,000 | 31% | 4.3% | 459 |
| 6 | 574 | Alwood Community Unit School District 225 | $1,975,000 | 13.3% | 1.8% | 375 |
| 7 | 594 | Galva Community Unit School District 224 | $1,625,400 | 11.3% | 1.6% | 446 |
| 8 | 619 | Colona School District 190 | $1,366,000 | 40.6% | 2.8% | 375 |
| 9 | 646 | Annawan Community Unit School District 226 | $950,000 | 9.1% | 1.3% | 315 |
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