Public school expenditure differentials are especially of interest as they relate to children in particular categories of historical concern, such as minority status, poverty, and other at-risk factors. This report addresses school finance policy through the analysis of school district revenue and expenditure data from the 1990 Survey of Local Government Finances--School Systems. The largest variations in average public education expenditures occur between regions. Fully adjusted expenditures per student are highest in the northeastern region and lowest in the West ($5,293 versus $3,632). Public education expenditures per student are higher in smaller districts, and greater expenditures per student are associated with higher community socioeconomic status. More money is actually spent in districts with the highest percentages of minority students ($4,514 versus $3,920). While student/teacher ratios vary substantially by district size and region, the distribution of public education resources is substantially closer to being equal than wealth measured by housing values, and somewhat less varied than wealth measured by household income. Thirty-two tables and 38 figures present survey data. Five appendixes contain 21 additional tables of supplemental information. (Contains 33 references.) (SLD)