This study aims to determine the performance of the management of the Special Allocation Fund – Physical for Education with a Value for Money approach, namely by measuring 3E (economic, efficiency, and effectiveness) in cities/regencies in Indonesia in 2017. The data collection method used is documentation. The data analysis technique used is quantitative descriptive analysis on economic, efficiency, effectiveness and costeffectiveness measurements. The results of the study indicate that the performance of the management of Special Allocation Fund–Physical for Education in 2017 in terms of economic indicators included in the criteria of very economical; in terms of the efficiency indicators included in the highly efficient criteria; in terms of the effectiveness indicators included in the effective criteria; in terms of cost effectiveness indicators included in the cost-effective criteria.
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