Vermont's Equal Educational Opportunity Act of 1997, "Act 60," was designed to rectify inequities in the state's funding of public education, as determined by the Vermont Supreme Court. This report examines the degree to which Act 60 has improved conditions over the last 5 years, focusing on the 3 main equity goals of Act 60 and the court's decision: student resource equity, tax burden equity, and academic achievement equity. Analysis of data for 2001-02 found that Act 60 has made significant progress in reducing inequities in student resources. The gap in per-pupil spending between wealthier and poorer towns dropped to $900 from $2100 in FY98. Act 60 significantly improved past inequities of tax burden for funding local schools. The percentage of income needed to support education dropped in all income categories but the decrease was most dramatic for those earning the least. Academic achievement inequities still exist. However, academic achievement has improved in all categories of wealth, and the gap between wealthier and poorer communities in the percentage of students meeting or exceeding state standards has decreased. Notable and continuous progress is being made toward providing equal educational opportunities and reducing past educational inequities. The equity gains noted in a previous study have continued and, in most cases, strengthened. Appendices present the previous study's results, operational definitions of variables, and caveats about analyzing academic achievement. (Author/SV)