School districts across Lake County held a combined $1.3 billion in long-term outstanding debt as of fiscal year 2024, amounting to 28.5% of the area’s total allowable borrowing capacity, according to the Illinois State Board of Education.
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 119,295 students, the countywide debt translates to approximately $10,619 per student as of fiscal year 2024.
The county includes 43 school districts, of which Lake Forest Community High School District 115 held the most debt, totaling $128.4 million.
Lake Forest Community High School District 115 ranked 19th statewide among all 851 Illinois districts reporting outstanding debt.
Among the school districts in Lake County, North Chicago School District 187 used the highest percentage of its EAV-based debt limit at 11.5%, holding $28.8 million in outstanding debt with 3,382 students enrolled—approximately $8,510 per student. Aptakisic-Tripp Community Consolidated School District 102 ranked second, using 5.9% of its borrowing capacity with $63.3 million in long-term debt and an enrollment of 2,538— $24,945 per student.
Countywide, students identifying as white comprised the largest ethnic group in Lake County schools, accounting for 43.8% of the total enrollment. The second-largest ethnic group was Hispanic, comprising 35.5% 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 Lake County, FY 2024
| County Rank | State Rank | School District | Outstanding Debt | Percentage of Debt Limit Used | Percentage of EAV Used | Enrollment |
|---|---|---|---|---|---|---|
| 1 | 19 | Lake Forest Community High School District 115 | $128,351,479 | 58.5% | 4% | 1,366 |
| 2 | 23 | Barrington Community Unit School District 220 | $115,755,211 | 25.6% | 3.5% | 7,971 |
| 3 | 29 | Township High School District 113 | $109,696,997 | 34% | 2.3% | 3,060 |
| 4 | 34 | North Shore School District 112 | $95,564,674 | 51.8% | 3.6% | 3,739 |
| 5 | 36 | Woodland Community Consolidated School District 50 | $90,469,826 | 69.1% | 4.8% | 4,511 |
| 6 | 44 | Hawthorn Community Consolidated School District 73 | $76,938,819 | 69.7% | 4.8% | 3,466 |
| 7 | 47 | Warren Township High School District 121 | $73,589,797 | 42.6% | 2.9% | 3,523 |
| 8 | 49 | Lake Zurich Community Unit School District 95 | $69,650,000 | 26.1% | 3.6% | 5,628 |
| 9 | 53 | Aptakisic-Tripp Community Consolidated School District 102 | $63,309,886 | 85.6% | 5.9% | 2,538 |
| 10 | 67 | Mundelein Consolidated High School District 120 | $50,513,367 | 42.2% | 2.9% | 2,241 |
| 11 | 90 | Adlai E. Stevenson High School District 125 | $39,156,680 | 14.3% | 1% | 4,573 |
| 12 | 108 | Round Lake Community Unit School District 116 | $32,681,235 | 40.9% | 5.6% | 6,090 |
| 13 | 111 | Gurnee School District 56 | $32,325,499 | 71.5% | 4.9% | 1,840 |
| 14 | 137 | North Chicago School District 187 | $28,781,140 | 83.6% | 11.5% | 3,382 |
| 15 | 149 | Waukegan Community Unit School District 60 | $24,580,691 | 14.8% | 2% | 13,546 |
| 16 | 150 | Grayslake Consolidated Community School District 46 | $24,345,000 | 41.6% | 2.9% | 3,514 |
| 17 | 172 | Wauconda Community Unit School District 118 | $20,492,956 | 15.4% | 2.1% | 4,193 |
| 18 | 193 | Beach Park Community Consolidated School District 3 | $17,780,048 | 56.3% | 3.9% | 1,943 |
| 19 | 205 | Lake Villa Community Consolidated School District 41 | $16,541,596 | 36.2% | 2.5% | 2,371 |
| 20 | 206 | Deerfield School District 109 | $16,440,000 | 13.6% | 0.9% | 2,707 |
| 21 | 232 | Antioch Community Consolidated School District 34 | $14,361,475 | 26.2% | 1.8% | 2,640 |
| 22 | 260 | Libertyville School District 70 | $12,370,093 | 14.1% | 1% | 2,105 |
| 23 | 261 | Lake Bluff Elementary School District 65 | $12,234,360 | 24.5% | 1.7% | 874 |
| 24 | 265 | Lincolnshire-Prairieview School District 103 | $12,139,887 | 15.5% | 1.1% | 1,892 |
| 25 | 280 | Diamond Lake School District 76 | $11,500,857 | 47.2% | 3.3% | 821 |
| 26 | 311 | Mundelein Elementary School District 75 | $9,747,000 | 31.4% | 2.2% | 1,551 |
| 27 | 313 | Fox Lake Grade School District 114 | $9,732,052 | 46.9% | 3.2% | 619 |
| 28 | 342 | Grayslake Community High School District 127 | $8,034,804 | 9% | 0.6% | 2,493 |
| 29 | 357 | Zion-Benton Township High School District 126 | $7,484,196 | 11.8% | 0.8% | 2,508 |
| 30 | 362 | Lake Forest School District 67 | $7,367,015 | 4.4% | 0.3% | 1,650 |
| 31 | 394 | Gavin School District 37 | $6,223,218 | 38.9% | 2.7% | 773 |
| 32 | 406 | Emmons School District 33 | $5,795,097 | 59.8% | 4.1% | 274 |
| 33 | 418 | Winthrop Harbor School District 1 | $5,436,363 | 51.8% | 3.6% | 581 |
| 34 | 478 | Fremont School District 79 | $3,944,398 | 5.4% | 0.4% | 2,049 |
| 35 | 524 | Zion Elementary School District 6 | $3,102,206 | 16% | 1.1% | 2,092 |
| 36 | 533 | Rondout School District 72 | $2,880,000 | 13.1% | 0.9% | 146 |
| 37 | 547 | Kildeer Countryside Community Consolidated School District 96 | $2,545,977 | 2.6% | 0.2% | 3,485 |
| 38 | 559 | Libertyville Community High School District 128 | $2,323,215 | 1% | 0.1% | 3,242 |
| 39 | 611 | Millburn Community Consolidated School District 24 | $1,415,026 | 7.5% | 0.5% | 1,093 |
| 40 | 640 | Big Hollow School District 38 | $1,032,828 | 2.9% | 0.2% | 1,684 |
| 41 | 749 | Grant Community High School District 124 | $93,508 | 0.1% | <0.1% | 1,778 |
| 42 | 770 | Grass Lake School District 36 | $5,717 | 0.1% | <0.1% | 176 |
| 43 | 771 | Antioch Community High School District 117 | $2,602 | 0% | <0.1% | 2,567 |
