This report is an update of the 1984 study "Indiana's Public Schools: An Analysis of the Past and Recommendations for the Future," which examined the Indiana school finance formula used to fund public education in the state. A fresh look is taken as a result of formula changes, and the effect of these changes on expenditures for public education and property tax rates paid by Indiana taxpayers. The complexity of the school finance formula and the possible implications for constitutional challenges are explored. Finally, the standing of Indiana's public school system in comparison to other states on both school performance and the resources committed to public education are examined. (JAM)