On June 26, 1973, the system for financing elementary and secondary education in Florida was radically altered when the Florida legislature passed the Florida Education Finance Program Act of 1973. Significant features of this act include (1) substantially increased fiscal equalization; (2) a systematic plan and substantial State commitment to meet the need for school facilities; (3) increased school district responsibility and flexibility to innovate new programs; (4) simplification of school funding; and (5) disclosure of school spending through a comprehensive management information and cost accounting, including annual reporting of school and program-by-program requirements. This report describes the Act and its effects on school district finance. (JF)