Wide scale reform in Texas education financing was enacted in 1984 under the Equal Education Opportunity Act (Texas House Bill 72). This paper examines the reform through an analysis of the newly enacted weighted pupil Foundation School Program (FSP) during the 1985-86 school year. Two modes of inquiry were used: correlational analysis between variables considered to be relevant to the financing program, and an equity framework that employed various measures and techniques. Pearsons product moment correlations were derived for approximately 45 variables and grouped into major areas that included revenue and wealth, tax rates, teacher salaries, test scores, foundation program elements, and special program pupils. The measurement of equity required adjustment to that portion of the FSP that provides unequal expenditures for unequal needs such as the special program cost differentials of compensatory education, special education, vocational education, bilingual education, and gifted and talented education. The adjustment calculations are detailed and the measures utilized for the determination of equity presented. The analyses showed that a large portion of difference in total state and local revenue per pupil in Texas appears to be confined to approximately one-half of one percent of Texas students, or less. Appended are 44 footnotes, 17 tables and 4 figures that provide the numerical data, and an appendix that lists values for selected variables. (MLF)