Designed for aspiring school leaders, this fully updated fourth edition presents the realities of school finance policy and issues, as well as the tools for formulating and managing school budgets. In an era of dwindling fiscal support for public schools, increasing federal mandates, and additional local budget requirements, educational leaders must be able to articulate sound finance theory and application. The authors move beyond coverage found in other texts by providing critical analysis and unique chapters on misconceptions about school finance; fiscal capacity, fiscal effort, adequacy, and efficiency; demographic issues; districts’ strategic plans’ role in budgeting; and spending and student achievement. Examining local, state, and federal education spending, this text gives readers the foundation to understand school finance and knowledgeably educate colleagues, parents, and other stakeholders about its big-picture issues, facts, and trends. The fourth edition of American Public School Finance helps educational leaders at all stages of their careers become informed advocates for education finance practice and reform. New in this edition: Updated discussion of school choice; the pandemic’s impact on student enrollment, funding, and learning; challenges to the structure of school finance; and equity implications of school funding Refreshed case studies, focus questions, and chapter assignments Updated online supplemental resources, including PowerPoint slides and other additional chapter resources accessible at www.routledge.com/cw/owings