This report analyzes the net fiscal impact of the Milwaukee Parental Choice Program (MPCP). The net fiscal benefits of the MPCP have continued to grow. The estimated increase was particularly sharp in FY10, from $37.2 million to $46.7 million. This increase was primarily due to the cut in the voucher amount, while MPS' per pupil revenues continued to grow from $9,462 to $9,727, and secondarily due to MPCP enrollment growth. The net fiscal benefits continue to be unevenly distributed, with an adverse impact on Milwaukee property taxpayers, although mitigated somewhat by recent legislative efforts. If, in addition, the funding mechanism were revamped in a way to eliminate the "funding flaw," all groups of taxpayers could benefit, to varying degrees, from the program. (Contains 6 tables, 5 figures and 19 footnotes.)