Three basic issues were examined in this study: (1) the variance in the purchasing power of the dollar among Texas school districts, (2) the variance in local property tax burden among Texas school districts, and (3) consideration of alternative Texas school finance formulas. Data used were from the data banks of the Texas Education Agency and from other agencies and from a questionnaire distributed to a sample of 524 districts. To address the first issue, cost-of-living and cost-of-education indexes were compiled for Texas education service center regions and counties. Because of lack of data and inconsistencies in the two indexes, however, the authors caution against using these indexes alone as bases for conclusive decisions about school finance. Regarding the second issue, researchers found large disparities across the state in tax burden and tax dollars available for education, with the richest district being 933 times wealthier than the poorest. Related to the third issue, the study centered largely on personnel compensation and equity. Findings indicated that most current problems could be solved by adjustments to present formulas rather than by new formulas. Researchers concluded by recommending an additional, more adequately funded study. (JM)