Over the past several years, schools across the nation have seen historic declines in student performance in reading, math, and other academic subjects due to the COVID-19 Pandemic. School closures adversely affected student groups at different rates and further exacerbated long-standing learning gaps. There has been a debate among scholars for many years about the role of school funding reforms in student outcomes and learning gaps. The latest re-authorization of the Elementary and Secondary Education Act included a requirement for states to collect and report school-level expenditure data. The primary goal of this research project is to examine this new school-level expenditure dataset to determine if equitable spending exists and to explore the relationship between expenditures and student outcomes. This study used quasi-experimental nonrandom design to conduct a population study across all schools in Iowa. A secondary objective of this study was to determine what this new dataset tells us about the learning gaps problem and, taking it a step further, examine if the study's findings could provide insight into potential solutions. This study found: (1) progressive spending by school types across the state, (2) spending approaching but not yet achieving horizontal equity, (3) multiple contributors to overall spending but largely driven by the percentage of students eligible for free or reduced priced lunch served in a school, (4) significant differences in school-level achievement based on differences in spending patterns on education programs, and (5) specific school characteristics (including the percentage of students eligible for free or reduced priced lunch, the percentage of students with a disability, and average teacher experience) were significant predictors of school-level 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.]