After decades of dedicated investment, state funding to assist local California school districts in the construction, modernization, and maintenance of their school facilities has come to a halt. As the Governor, the legislature, and other stakeholders debate the future of the state's K-12 school facility funding role, a big unknown exists: "Can all California school districts adequately and equitably maintain and modernize their school facilities without dedicated state assistance?" This research brief discusses the following findings from the full report: (1) The majority of school districts underspend on facilities; (2) Wealthy districts spend more on facilities, especially on the capital side; and (3) Districts serving low-income students disproportionately spend more per student on Maintenance and Operations (M&O) from their operating budgets to fund facilities. To reverse the pattern of inadequate and inequitable investment in K-12 public school facilities, four strategic policy reforms should be cornerstones to the approach: (1) Establish stable and dedicated state funds for K-12 school facilities; (2) Distribute K-12 school facility funds equitably, adjusting for local wealth; (3) Improve standards for school facility planning and budgeting; and (4) Establish a California School Facility Database to guide spending. [For "Going It Alone: Can California's K-12 School Districts Adequately and Equitably Fund School Facilities? Policy Research Working Paper," see ED573782.]