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Budgets, Levies, & Debt

Summary Of District Debt - 2010-2027

There has been a lot of discussion over the last three months about the total debt that is owed by the School District.  The attached spreadsheet recaps the debt principal, the interest charges, and the scheduled repayment on a yearly basis.  The Board of Education has until March 1st to decide if they are going to use some reserve funds to pay down the debt.  The current debt is scheduled to be paid in full in 2027.  These numbers may change based on if the Board refinances the current debt between now and 2027.

Yearly repayments will increase dramatically in 2016 and remain high until at least 2020.  Currently the repayment is about $14.4 million per year and will be $20.5 million in 2016. The following years will be: $22.1, $23.8, $24.5, $24.6 and 24.9 million per year.  The Board of Education does not have a formal plan on how these amounts will be funded.  The debt, unless refinanced, has to be repaid under Illinois State law.

This information was extrapolated by GenevaTaxFACTS from William Blair & Co. Presentation October 24, 2011 .

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