This paper presents an overview of Florida's fiscal status and the state of its educational fiscal reform. Five areas of concern are identified regarding educational finance--adequacy of funding, educational reform initiatives including accountability, equity, alternative tax sources, and communication. These issues indicate a highly unstable fiscal and political environment regarding state funding of education. A conclusion is that adequacy of funding is the most serious issue because the state's tax structure is not sufficient to handle extraordinarily high rates of student enrollment growth. In addition, the state's accountability initiative has allowed school districts more flexibility in spending decisions but has not produced any new revenues for them. Regarding equity, there is increasing controversy around the legal and practical status of the state's statutory cap on local discretionary millage for operations. Alternative tax sources for school funding are now being advanced but taxpayer resistance is high. Finally, it is clear that future solutions to current problems will be derived from a combination of technical, financial, and political strategies. Five tables are included. (LMI)