"real terms" means the true or actual value of something, taking into account factors like inflation or changes in buying power over time. Full definition
So funding in real terms in 2013 - 14 had dropped by $ 0.4 billion, from $ 5.6 billion to $ 5.2 billion. (investinginkids.net)
According to the union, the Conservative education plans would result in a # 8.9 billion real terms cut in education by 2022 when taking into account inflation and growing pupil numbers. (educationbusinessuk.net)
I would resist a 10 per cent cut in real terms over the coming parliament and seek to reverse the 25 per cent reduction in funding for the foundation stage. (schoolsweek.co.uk)