This paper, one of three related documents, examines the distributions of general revenues and instructional expenditures across school districts in Michigan. It discusses the equal yield formula for the funding of public schools and examines how the formula has accomplished its objectives. The data indicate success in reducing the effects of property tax wealth on the level of school revenues and in providing some measure of property tax relief. The second half of the paper examines the state's broad goals regarding the distribution of resources in terms of three norms: equity, equality, and excellence. This section of the paper concludes that Michigan has achieved equity in the distribution of general revenues and expenditures for nearly 92 percent of its pupils. Secondly, equality has not been achieved. Finally, to achieve a minimum level for either expenditures or staff adequacy ratios, a constitutional amendment would be necessary. (Author/LD)