The Center for the Study of Educational Finance at Illinois State University has been monitoring the progress toward or away from equity in Illinois since the state finance reform of 1973. The two main areas of concern are (1) wealth neutrality, or to what extent a district's expenditures are a function of its wealth and (2) permissible variance, or to what extent the expenditure level of a district varies from the norm. Recent studies in the area have explored the possibility of combining types of districts (elementary, secondary, and unit) for this investigation, rather than conducting independent studies of each of the three types. Results of the study show that the coefficient of variation and wealth neutrality measures for the state appear reasonable, but inadequate weighting for high school students in Illinois' school finance laws make the permissible variance measures unacceptable. Other results indicate that cost of living adjustments should be made, that income data from the 1980 census should be considered, that a longitudinal study should be attempted, and that Illinois is drifting away from the goal of wealth neutrality and should, in consequence, make a new commitment to equity goals. Tables display the basic data examined. (PGD)