As a starting point for their analysis of equity, the authors begin their work here with an examination of the relationship between student performance, as measured by the California Academic Performance Index (API), and student needs, as measured by the percentage of students from low-income families (i.e., the percent of students eligible for the free and reduced lunch program). Then, using fiscal data provided by the finance office of the school district, and personnel data obtained from the California Basic Education Data System maintained by the California Department of Education (CDE), they present analyses to provide a foundation for local policymakers to assess whether there are inequities in the way fiscal and personnel resources are distributed across schools. They find that: (1) Schools with the highest percentage of students from low-income families exhibit the lowest performance on the California Academic Performance Index (API); (2) The highest need schools (those serving the highest percent of students from low-income families) generally spend somewhat more than the lowest need schools and most of this difference is driven by categorical or restricted funding; (3) In some cases, spending in elementary schools out of unrestricted funding tended to be slightly higher in the highest need schools; (4) Schools with the highest percentages of low-income students have on average more FTE teachers per 100 students; and (5) In terms of the qualifications of teachers, schools with the highest percentages of low-income students have on average less experienced, and hence lower paid, teachers and greater proportions of students exposed to out-of-field teaching. (Contains 16 exhibits and 4 footnotes.)