The early estimates system from which this report is gathered is designed to allow the National Center for Education Statistics (NCES) to publish key statistics before the end of the school year in which they are reported. The information is collected through contact with public school state education agencies. Public school estimates consist of: preliminary actual counts for individual states; estimates derived by the states for the NCES; and estimated values developed by the NCES from state-specific and national data. These estimates indicate that there were approximately 46.1 million students in U.S. public elementary and secondary schools in fall 1997, compared with 45.2 million in fall 1996. These students were taught by an estimated 2.7 million teachers. Student membership and teacher count data yield pupil-to-teacher ratios for grade levels prekindergarten through grade 12 of 16.9 for public schools in the 1997-98 school year. An estimated 2.4 million students graduated from high school in the 1996-97 school year. Revenues for public elementary and secondary education in fiscal year 1997 are estimated to be $297.2 billion, and they are expected to rise to approximately $309.7 billion in fiscal year 1998. The per-pupil expenditure for public education is estimated to be $6,131 per student in membership for the 1997-98 school year. A technical notes section discusses the methods by which estimates were made and their accuracy. (Contains seven tables.) (SLD)