Intended to provide information necessary for administering the School Assistance in Federally Affected Areas Act (Public Law 81-874) and the Elementary and Secondary Education Act of 1965 (P.L. 89-10), this report provides financial statistics on a state-by-state basis for school district revenues by source and for school district expenditures by function. National trends since 1970-71 are discussed. Presented in the appendix are 10 tables providing detailed information for each state for fiscal year 1979. Tables 1 to 4 provide state aggregate data for revenues; tables 5 to 9 provide state aggregate data for outlays; and table 10 is the basis for allocation of monies under P.L. 81-874 and P.L. 89-10. Important findings highlighted in the text include that (1) state support exceeded local support on a national basis for the first time since these data were collected; (2) the property tax represented a new low of 34 percent of the total revenues supporting education expenditures; (3) average current expenditures per average daily attendance were approximately $2,000; and (4) current expenditures as defined under P.L. 81-874 and P.L. 89-10 increased 10.4 percent to $1,919.30. (Author/JM)