We use close tax elections to estimate the impact of school district funding increases on operational spending and education outcomes. The analysis indicates that districts where tax levies passed spent 3-5 percent more per pupil annually through 6-8 years after the election. This spending came in the form of higher salaries per employee—as opposed to more teachers or staff—and corresponds to positive achievement effects in districts with a high proportion of impoverished students. Specifically, among districts above the sample median in the proportion of students who qualify for free or reduced-price lunches, the results imply that spending an extra $700 per pupil annually for 6-8 years leads to achievement gains of approximately 0.06-0.08 standard deviations. We find no achievement effects in districts with relatively advantaged students, and there are no attainment effects regardless of district demographics.