Fiscal Fairness Act - Amends part A of title I of the Elementary and Secondary Education Act of 1965 to condition local educational agency (LEA) receipt of school improvement funds on: (1) an average state and local spending per pupil in each school receiving school improvement funds of at least 97% of such spending per pupil across all of the LEA's schools that are not receiving such funds; and (2) an average state and local spending per pupil in each higher poverty school of at least 97% of such spending per pupil across all lower poverty schools, if the LEA is serving all of its schools under part A.
Allows LEAs to meet such requirement across all schools or among schools serving a particular grade span if they compare schools within no more than three grade spans.
Directs the Inspector General of the Department of Education, in the fourth and fifth years after this Act's enactment, to audit 5 states and 10 LEAs to determine their progress in meeting these requirements.
Requires annual LEA report cards to include certain information on state and local spending per pupil in schools.
Requires states to provide the public with annual up-to-date school-by-school listings of per-pupil state and local spending.