This paper examines fiscal implications of five 1983 reports that recommend reform of America's schools. Greater rigor in curriculum and textbook content is a common report theme, while three call for specific graduation requirements. Generally, reports recommend increasing time for key courses and requiring regular homework, achievement tests, and definite policies on student conduct. Teachers' salaries are a universal concern, as are upgrading teacher preparation and recruitment. The fiscal implications vary. The Excellence Commission calls for the federal government, states, and localities to cooperate in areas of special-student needs, career ladders, and attractive incentives. The Twentieth Century Fund recommends the federal government assist poor and minority students, promote educational quality, fund a Master Teachers Program, and support research. The Education Commission of the States Task Force emphasizes that schools make the best use of resources and that states create career ladders and provide financial incentives. The National Science Board asks that states and local governments finance elementary and secondary education and that a National Education Council identify and monitor goals; federal monies should support certain activities. The Carnegie Foundation holds that citizens, school boards, states, and federal government should work in unison to promote excellence. Cost implications of the reports' recommendations are categorized under incremental, startup, interactive, and insufficient information headings. (KS)