LANSING, Mich. (AP) — No other state tightened its education spending more than Michigan did over a 20-year period, according to a newly released study.

Michigan State University said Wednesday that the state ranked dead last in total education revenue growth between 1995 and 2015. After adjusting for inflation, school revenue was 82 percent of what it was in 1995, after the passage of an education-finance overhaul. No other state was “close to a decline of this magnitude,” the research says.

Michigan, which has seen a drop in enrollment, also ranked low in per-pupil revenue growth — placing 48th among 50 states. Per-student spending, though, is middle of the pack nationally.

Michigan State University researchers say the fundamental cause of lower school spending is tax cuts.