Public schools in the seven counties of southeastern Wisconsin spent $3.1 billion in 2004-2005 to employ 36,234 teachers and educate 308,936 children. Taken together, the region's K-12 public schools would be the largest employer in southeastern Wisconsin and the largest workforce developer in the region. The scale of K-12 public education is matched by its contribution to the region's economic competitiveness and quality of life. This annual report includes input and outcome data for each of the 51 school districts in the seven-county region. The goal of the report is to lend transparency to these institutions while providing readers with information on schooling options. Key findings include: (1) 45% of the region's K-12 students attend schools in the largely underperforming districts of Milwaukee, Racine and Kenosha; and (2) Standardized test scores reveal a regional public education system in southeastern Wisconsin which consistently underperforms the rest of the state across all subject areas. (Contains 1 chart and 17 tables.) [This report was sponsored by GE Healthcare; Multiple Listing Service; Griffin, Kubik, Stephens & Thompson, Inc; and Northwestern Mutual Foundation.]