With rising state and local revenues--and significant one-time federal funds in 2020-21 and 2021-22--California policymakers now have greater capacity to invest in public schools. At the same time, longstanding racial and income disparities motivate calls to provide funding more efficiently and equitably. This policy brief is adapted from Julien Lafortune's report, "Understanding the Effects of School Funding," and illustrates how research can provide insight into using additional dollars to improve student outcomes. [For the full report, see ED623529. For the technical appendix, see ED623533.]