Purpose and Method of Study. The primary purpose of this quantitative study was to analyze the relationship between school district expenditures and student academic achievement in 102 public elementary school districts in the state of Oklahoma. The secondary purpose was to investigate the relationship between school district expenditures and school district assessed valuation in those same school districts. Four research hypotheses, addressing both the primary and secondary purposes in this study, were postulated and tested utilizing a stepwise multiple regression analysis. Average school district expenditures by function from the 2005-2006 through 2009-2010 school years served as the independent variables for this study. Academic Performance Index (API) from the 2009-2010 school year and average assessed valuation per student from the 2005-2006 through 2009-2010 school years served as the dependent variables for this study. Findings and Conclusions. Administrative expenditures showed a negative relationship with API and demonstrated a positive relationship with assessed valuation per student when analyzing data from both the General Fund and All Funds. Operations and maintenance of plant services expenditures from the General Fund displayed a negative relationship with assessed valuation per student. Facilities acquisition and construction services expenditures from All Funds exhibited a positive relationship with API. Debt services expenditures from All Funds demonstrated a positive relationship with assessed valuation per student. Several conclusions were derived from the findings. The finding that administration expenditures showed a negative relationship with API suggested that elementary school district administrators and boards of education should review resource allocation decisions that might increase expenditures on administration. The finding that some General Fund expenditures by function correlated with assessed valuation per student suggested that increased revenue received outside the General Fund due to higher assessed valuations per student may impact the way school districts expend money within the General Fund. The finding that debt services expenditures showed a positive relationship with assessed valuation per student indicated that school districts with higher assessed valuations per student are more likely to pass bond issues and incur principal and interest payments on said bonds. [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://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]