As state school-based accountability systems have become more complex and increasingly comprehensive, school district leaders have struggled with the balance of managing limited school district funding while focusing on improving student academic achievement as quantified by state-mandated testing results. The amount of a school district's expenditure per weighted average daily attendance per pupil (WADA) funding can vary drastically across Texas school districts. The purpose of this research study was to determine the strength of relationship between a school district's expenditure per weighted average daily attendance per pupil (WADA) and three different academic indicators, third grade reading STAAR scores, all-level reading and English Language Arts scores, and all-level reading and English Language Arts academic growth scores, involving Texas 2A classification public school districts. The study also aimed to determine the strength of relationship between a school district's expenditure per WADA and its overall accountability rating assigned by the Texas Education Agency (TEA), to better understand the role that financial resources play in educating students and a resulting school district's accountability results. The results of the study did not reveal a relationship between a school district's expenditure per weighted average daily attendance per pupil (WADA) and the three individual academic indicators, including third grade reading STAAR scores, all-level reading and English Language Arts scores, and all-level reading and English Language Arts academic growth scores, involving Texas 2A classification public school districts. The study did not reveal a significant relationship between a school district's expenditure per WADA and its overall accountability rating as assigned by the Texas Education Agency (TEA); however, an important outcome was that WADA does impact state assessment scores and accountability ratings, mainly in the highest and lowest rated school districts. District leaders should continually analyze data to determine a most effective means of financial spending on literacy resources and programs that will aid in student achievement. [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.]