The Indiana Fiscal Policy Institute on Monday released a new comparative analysis of K-12 school funding that provides a statewide snapshot of how traditional public schools, charter schools, and the Choice Scholarship Program were funded during calendar year 2024, establishing a baseline ahead of major tax and school finance changes enacted in 2025.
The report, authored by government research expert Sarah Wetmore, examines school funding by county with a focus on state and local revenues. It does not evaluate individual schools or districts but instead aggregates data to highlight geographic patterns and funding variability across the state.
According to the analysis, total state and local funding per pupil in 2024 averaged $13,971 for traditional public schools statewide, compared with $12,210 for the charter schools included in the study. On a statewide basis, charter schools received about 87% of the state and local funding provided to traditional public schools.
Federal funding, excluding COVID-19 relief dollars, added an average of $1,215 per pupil for traditional public schools and approximately $2,061 per pupil for charter schools. The report notes that federal pandemic relief funds reported by charter schools varied widely and were not directly comparable to traditional school district reporting.
The analysis also compares 2024 funding levels to figures reported by the Next Level Teacher Compensation Commission in 2019. When adjusted for inflation, total, state, and federal per-pupil funding levels were essentially flat over that period. On a statewide basis, however, local per-pupil funding declined in real terms.
Choice scholarships accounted for a significant portion of K-12 spending. In fall 2024, 74,741 students were enrolled in Indiana’s Choice Scholarship Program. State funding for the program totaled $497.2 million in fiscal year 2024-2025, translating to an average of approximately $6,652 per Choice Scholarship recipient. The report found that Choice students lived in every county, though accredited private schools accepting vouchers were located in 61 of Indiana’s 92 counties.
Funding levels varied substantially by geography. Total per-pupil funding for traditional public schools ranged from about $11,000 in some rural counties to more than $19,000 in others. Urban counties also showed wide variation, with Marion County among the highest-funded on a per-pupil basis. Local funding showed the greatest disparity, reflecting differences in property values and the presence or absence of voter-approved referendum taxes.
Indiana Fiscal Policy Institute President Stephanie Wells said the report was intended to establish a clear baseline before recently enacted tax reforms take effect.
“Due to the changes in 2025 to property and local income taxes, as well as funding to schools, it was critical that IFPI look at K-12 funding for all school types,” Wells said in a statement. “In order to understand the impact of changes to school finances, it is necessary to first have a baseline understanding of current funding levels.”
Wells added that legislative changes enacted in 2025 continue a system in which the state bears most responsibility for school funding by further limiting local governments’ ability to raise revenue through property value growth or referenda. As a result, statewide education funding levels could remain flat or decline in coming years.
The institute said future analyses will track changes in funding over time, examine the effects of 2025 tax reforms, and potentially compare funding levels with student performance outcomes.
