In this report, the authors provide a detailed analysis of the major changes in revenue and expenditures in the Milwaukee Public Schools (MPS) 2015 proposed budget, and the manner in which MPS has responded to recent legislative changes and turbulent workforce challenges. The objective is to provide an independent assessment of the district's immediate fiscal circumstances--as well as its long-term outlook--that will encourage informed deliberations on its 2015 budget and fiscal future. This budget brief report shows that in light of the district's overwhelming dependence on state and federal revenues and policies that are largely beyond its control, identifying resources for strategies aimed at boosting educational services will be exceedingly difficult.