This article is an update of a previous study by the author which examined the growth of elementary and public school revenues for school years 1982-1983 through 1991-1992 (Alexander 1997). Using the same framework, this study provides an analysis of the factors accounting for changes in real per-pupil revenues across the 50 states and the District of Columbia for school years 1997-1998 through 2005-2006. The implications of these findings for fiscal adequacy are also explored. Four questions guided the analysis: (1) Did locales with relatively big enrollment increases tend to have lower growth in per-pupil revenue?; (2) Did levels of revenues per pupil tend to converge?; (3) What effect did economic growth have on increases in per pupil revenues?; and (4) Which funding source(s) contributed most to per pupil revenue growth--federal, state, or local? The results of this study will be of particular interest to state policymakers who often want to know how their state compares with others. Using descriptive analysis, including rankings and graphical cross tabulations, and regression analysis, this article provides a comprehensive picture of the educational dollars raised at the local, state, and federal levels for 1998-2006. It also explores the regional and political patterns that may be reflected in a state's overall education revenues in 2006; per-pupil revenue growth 1998-2006; and differences between 2006 per-pupil revenue levels and a prescribed adequacy level. To that end, the article is divided into eight sections: (1) About the data; (2) Revenue increases and changes in enrollment; (3) Convergence of revenue levels; (4) Economic growth and revenue increases; (5) Revenue increases and the joint association of key variables; (6) Source of revenues; (7) Adequacy across the states and the District of Columbia; and (8) Policy implications and conclusions. The article closes with a comparison of the changes found in this analysis and the previous study, placing that analysis in the context of what adequate education funding means for states and the District of Columbia. (Contains 10 tables and 12 endnotes.)