Buffalo spends nearly $20,000 per student on an annual basis, making it one of the Upstate's least-efficient school districts.
Business First listed Buffalo schools at 347 out of 430 Upstate school districts in its efficiency rankings.
Topping the list is Lancaster, which spends less than $13,000 annually per student.
Spots three through five on the list belong to Erie County districts: Frontier, Williamsville, and Hamburg.