The purpose of this quantitative study was to test the relationship between instructional related expenditures and student performance on a state mandated exam while controlling for various district-level and student-level variables for school districts in the state of Texas. The study had two research questions regarding student performance in mathematics and reading. The study's sample population was 56 school districts: 30 small, 14 mid-sized, and 12 large. A Spearman's rho test for correlation was used to test the relationship between per-pupil instructional expenditure and student performance on the 2019 STAAR exam. Research question one revealed a weak, positive relationship between per-pupil instructional expenditure and student performance for African American students on the Grade 3, Grade 4, and Grade 6 mathematics exam, and for Economically Disadvantaged students on the Algebra 1 exam. Research question two showed some weak, positive relationships between per-pupil instructional expenditure and student performance, when controlling for district size. It was concluded that per-pupil instructional expenditure has a weak, positive effect on various student performance in mathematics and reading. Therefore, school districts are recommended to invest money in researched-based expenditures such as decreasing the student-teacher ratio, increasing teacher training, incentivizing high quality teachers to work at low income schools, and providing support through instructional coaching. [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.]