There has been much debate by and among federal and state education agencies, state legislatures, courts, and educators regarding the identification of school district expenditures that best facilitate effective and efficient schools. The issue of equitable funding is far from being resolved (Education Week, 2017). Contradictory studies associated with school district funding, expenditures, and student achievement have been used to substantiate varied opinions on the subject (Archibald, 2006; Gigliotti & Sorensen, 2017; Pan, Rudo, Schneider, and Smith-Hansen, 2003). While much of the existing research is focused on overall school revenue and/or expenditures, research is needed that provides information specific to instructional expenditures and student performance. The purpose of this study was to test the relationship between instructional related expenditures and student performance on a state mandated exam in small, mid-size, and large school districts in Texas. This correlational study utilized secondary data analysis of Texas school district accountability data to test the relationship between various district-level instructional expenditures and school district student performance. A stratified random sample of school districts were used in the study: Small = 1,000-2,000 students n = 120, Mid-Size = 5,000-10,000 students n = 59, and Large = 25,000 or more students n = 43. Based upon the findings of the partial correlations, two variables, per-pupil instructional expenditures as a percentage of operational expenditures and per-pupil expenditures for curriculum development had a statistically significant relationship with district performance on the State of Texas Assessment of Academic Readiness (STAAR).