Between March 2020 and March 2021, the federal government distributed an unprecedented amount of money to American public schools to address the challenges of the COVID-19 pandemic. About $6 billion was distributed in three waves to the state of Michigan alone. This report uses data provided by districts to the state government to analyze how public schools in Michigan have reported spending their COVID relief funds. This financial information covers the three school years that ended in 2020, 2021 and 2022. The analysis finds that school districts reported spending about $2.5 billion of their $6 billion in COVID aid through the 2021-22 school year. The data generally show that districts allocated this extra revenue similarly to the way they typically spend resources -- with about half devoted to employee compensation, a third for purchased services and supplies and the rest on capital costs and a variety of relatively minor expenses.