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Despite the active debate around school policing and security, limited research examines the extent to which schools invest in security personnel and equipment, how spending has changed over time, or how spending on school security varies across schools serving different student populations. Policymakers could make more informed decisions with better evidence about how much of their budget district leaders spend on security, and what resources might be displaced by those investments. Drawing on both national and state datasets, this study shows school districts have significantly increased spending on school security over the past two decades, and that students of color and low-income students attend schools where a greater proportion of the budget is allocated to security.