This study reviews the state-financed program of racial integration in metropolitan Milwaukee (Wisconsin) Public Schools. The integration program rested on the basic assumption that with enough time, state financial assistance, and new spending, racial integration would significantly improve academic achievement and close the gap between minority and white academic achievement. This report addresses the cost of the program, the manner in which it has been implemented, and academic results. Section 1 describes the financial investment by Milwaukee Public Schools and State aid programs during the first 12 years of the program (1976-88). Section 2 describes the busing and pupil assignment system within Milwaukee. Section 3 reviews academic achievement in Milwaukee "traditional" and"specialty" schools. Section 4 discusses the city-suburban integration program and academic achievement of transfer students. Section 5 reviews accountability for program cost and results. Section 6 discusses proposed program changes. Fourteen charts, 44 tables, and 11 maps are included. (JS)