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27) These estimates are somewhat larger than the per pupil revenue changes identified in Table 3, but these small differences are well within the statistical imprecision suggested by the standard errors. The decline in per pupil revenues seems likely to be a major factor in keeping unrestricted cash balances very low; they were $51,074 at the end of fiscal 2003, or under 1% of the school's general fund expenditures. Per pupil revenue inequality in the state's school districts is measured in the first and fourth regressions by the coefficient of variation, in the second and fifth regressions by the Gini coefficient, and in the third and sixth regressions by the natural logarithm of the ratio of revenue at the 95th percentile to revenue at the 5th percentile. |
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