School districts across the U.S. have adopted funding policies designed to distribute resources more equitably across schools. However, schools are also increasing external fundraising efforts to supplement district budget allocations. We document the interaction between funding policies and fundraising efforts in Chicago Public Schools (CPS). We…

This paper presents a comprehensive framework for evaluating and reforming education finance systems to ensure equity, adequacy, and equal opportunity in publicly funded education. We summarize decades conceptual work, explaining our evolving understanding of the role and purpose of school finance systems, leading to our current framing that the…

We propose a new method for estimating school-level characteristics from publicly available census data. We use a school's location to impute its catchment area by aggregating the nearest "n" census block groups such that the number of school-aged children in those "n" block groups is just over the number of students enrolled…

Targeted school funding is a potentially valuable policy lever to increase educational equality by race, ethnicity, and income, but it remains unclear how to target funds most effectively. We use a regression discontinuity approach to compare districts that narrowly passed or failed a school funding election. We use close tax elections in 9 states…

The equity-efficiency tradeoff and cumulative return theories predict larger returns to school spending in areas with higher previous investment in children. Equity -- not efficiency -- is therefore used to justify progressive school funding: spending more in communities with fewer financial resources. Yet it remains unclear how returns to school…

One frequently cited yet understudied channel through which money matters for college students is course availability--colleges may respond to budgetary pressure by reducing course offerings. Open admissions policies, binding class size constraints, and heavy reliance on state funding may make this channel especially salient at community colleges,…

We leverage an obscure set of rules in Texas's school funding formula granting some districts additional revenue as a function of size and sparsity. We use variation from kinks and discontinuities in this formula to ask how districts spend additional discretionary funds, and whether these improve student outcomes. A $1,000 annual increase in…