California enacted a groundbreaking shift to its school-funding system when it passed the Local Control Funding Formula (LCFF) in 2013. The law sought to make funding more equitable and also aimed to increase local control based on the premise that budgeting decisions are best made at the local level in partnership with community stakeholders, who must, in turn, hold the district accountable. This report takes stock of LCFF 8 years after its passage and explores ways it can be further refined to improve equitable funding, opportunities, and outcomes in California. The findings are based on: (1) interviews with 19 California education leaders and policy observers; (2) an extensive review of the research on LCFF implementation; (3) an analysis of school-funding data; and (4) an analysis of recent legislation. Most of our interviewees viewed LCFF as a major improvement over the system it replaced. Even so, most agreed there are opportunities to improve the formula and its implementation, particularly because there are still gaps between LCFF's equity goals and the outcomes being achieved at the local level. Based on these discussions and the analysis, four areas in which improvements are warranted were identified: (1) revisit and refine the funding formula; (2) modernize funding for students with disabilities; (3) equitably distribute effective teachers; and (4) strengthen transparency, engagement, and accountability.