This study was designed to update the existing research and to examine the relationship between library media programs and student achievement. The schools selected for the study sample were not selected on a random basis; rather, they were library media centers (LMCs) that responded to a 1989 survey of Colorado LMCs. The study relied entirely upon available data about LMCs. The findings of the study provided evidence to make these conclusions: (1) students with better funded LMCs tend to achieve higher average reading scores regardless of wealth or education level of the schools and community; (2) the size of the LMC's total staff and the size and variety of its collection are important characteristics which intervene between LMC expenditures and test performance; and (3) the role the school media specialist plays can influence test scores. (Contains 40 references.) (JLB)