Presents findings of a 5-year study of U.S. educational finance. Analyzes spending patterns across 50 states and examines staffing patterns and expenditures across curriculum areas in California, Florida, and New York. Although this century has seen a major investment in public education, funding has been distributed unfairly and used…

Argues that standards-based education reform has shifted the focus of school finance from equity to adequacy. Requires an explicit connection between the funding provided to schools and the results produced in terms of student learning. (Contains 19 references.) (MLF)

Reviews school finance changes through the 1970s and 1980s and outlines key 1990s issues, including basic school finance reforms linked with state or national educational goals; site-based management and budgeting; teacher compensation; accountability systems tied to student performance; public school choice; and nontraditional issues such as…