In the passionate debates over providing equal educational opportunity for all children, it's frequently argued that large financial inequities create challenges for many public schools, particularly those in lower-income urban areas. This study compares the revenues and operating expenditures of Michigan's urban, suburban, town and rural school districts. The study groups Michigan school districts using locale codes applied to public schools by the National Center for Education Statistics. The four major locale groups--city, suburb, town and rural--are divided into 12 subgroups: city-large, city-midsize, city-small, suburb-large, suburb-midsize, suburb-small, town-fringe, town-distant, town-remote, rural-fringe, rural-distant and rural-remote. The locale groups' and subgroups' financial data from fiscal 2004 to fiscal 2010 are analyzed. School districts' revenues are divided into local, state and federal sources, while operating expenditures are divided into 10 categories, including instruction, general administration and student support services. The study's findings provide a new and unique perspective on Michigan's school districts. The analysis also indicates that the town and rural locale groups, which generally had lower per-pupil operating expenditures than the city and suburban locales, dedicated a slightly larger portion of their operating expenditures to instruction--about 63 percent each in 2010. The suburban and city locale groups devoted about 61 percent and 58 percent of their operational spending to instruction, respectively. Appended are: (1) District's locale code on the locale codes assigned to individual schools within each district; (2) Financial information for all 12 locale subgroups; and (3) Locale Codes for Michigan School Districts, Fiscal Years 2004-2010. (Contains 54 graphs and 33 footnotes.) [This paper was written with the assistance of Glenda Rader, Michael Williamson, Frank Johnson, Adam Schaeffer, James Guthrie, Hannah Mead, Jonathan VanDerhoof, Elizabeth Tara Ryan, and Jarrett Dieterle.]