In this paper, we contribute to the literature on school facility funding by examining California's facility funding formula and assessing how the current state system facilitates meeting annual investment standards in facility stewardship and upkeep. To do this, we quantify the total school square footage of school facilities and then calculate the current replacement value (CRV). For our analysis, we adhere to industry standard benchmarks of 3 percent of CRV for maintenance & operation (M&O) and 4 percent of CRV for capital renewal. Overall, we find California school districts fail to adequately and equitably invest in school facilities upkeep leaving more than half of students attending subpar school facilities. Additionally, we show that nearly forty percent of school districts do not have enough taxable property wealth to raise capital funds. Looking ahead, educator leaders must prioritize equalizing school facility funding formulas to reduce educational funding inequities between school districts.