Abstract
This study examines the equity consequence of school finance policy changes in Kentucky. It incorporates traditional school finance concerns regarding equity targets, objects, principles, and statistics. It utilizes adjustments for district economies of scale and interdistrict price differences. Findings indicate that Kentucky experienced marked improvements in equity as a result of school finance reform, including a narrower dispersion of pupil revenue and greater fiscal neutrality. Equity improvements resulted from policy changes that effectively addressed disequalizing attributes of the pre-reform state aid formula. Manipulating this formula further could produce additional marginal gains in system equity but at substantial cost.
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