A study that examined the relationship between Illinois schools' expenditure per pupil and students' state assessment exam scores is described in this paper. The Illinois reading and mathematics tests were administered to students in grades 3, 6, 8, and 11, and language arts exams were given to students in grades 3, 6, and 8. The number of participating schools ranged from 655 schools for 11th-grade students to 2,347 schools for the 3rd-grade students. A Pearson r correlation was calculated to determine if there was any significant relationship between school spending, defined as "operating expenditures per pupil for 1989-90," and the student achievement scores for April 1991. Findings indicate that the mean expenditure per pupil was $4,424. A small but statistically significant, negative correlation existed between spending and achievement in every subject in every grade level, with the exception of grade 11, where there was no significant correlation between the variables. An implication is that giving schools more money does not necessarily raise student achievement, probably because the majority of school funds are used for personnel costs. It is suggested that schools may need to target specific programs with any increase in school funding rather than have the funds spread throughout the school. Four tables are included. (Author/LMI)