Using an equal-group stratified sample of 42 Kentucky public P-12 school districts, the researcher conducted a quantitative correlational analysis to examine the relationship between per pupil expenditures in reading and mathematics proficiency. Repeated measures t tests analyzed the differences of the mean scores for the study variables of gender, race, and socioeconomic status in reading and mathematics proficiency. Per pupil expenditures were negatively related to reading and mathematics proficiency, such that greater expenditures related to poor proficiency. The research included a selected review of the literature to address appropriately the issues of school finance throughout the history of the United States of America. Key legal cases were included for context of this research, including the Kentucky Education Reform Act of 1990 and Kentucky Senate Bill 1 enacted in 2009. Across all five years (2007-2011) of this research study, females outperformed males, Whites outperformed Blacks, and higher socioeconomic status outperformed lower socioeconomic status in both reading and mathematics. For example, the lowest differences in reading achievement as a function of gender, as indicated by t(38) = 20.56, p = 0.000, occurred in 2007 while the greatest difference in reading achievement occurred in 2009, as indicated by t(39) = 24.98, p = 0.000. In mathematics, the greatest statistical differences occurred with females outperforming males in 2010, t(39) = 5.53, p = 0.000. In 2010, the lowest differences in reading achievement as a function of race occurred, as indicated by t(12) = 8.13, p = 0.000 while the greatest difference in reading achievement occurred in 2009, as indicated by t(14) = 12.67, p = 0.000. In 2008, the lowest differences in reading achievement as a function of socioeconomic status occurred, as indicated by t(35) = -21.06, p = 0.000, while the greatest difference in reading achievement occurred in 2009, as indicated by t(36) = -27.17, p = 0.000. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]