Underlying the very heated debate over California's education budget for 2005-2006--and the battle over Proposition 76 on the November ballot--were two very different perspectives on school funding. These fundamental differences in perspective can stymie efforts to effect meaningful change. However, the Governor's Advisory Committee on Education Excellence, in California, Democrats in the state Legislature, and the state superintendent of public instruction have all requested research on school finance reform, examining questions of efficiency and asking how much investment would ultimately be needed to meet the state's goals for student achievement. Moreover, four private foundations (the William and Flora Hewlett, Bill & Melinda Gates, James Irvine and Stuart foundations) have agreed to fund an independent and nonpartisan research project aimed at creating an accurate and shared understanding of the state's complex funding issues. Here, the author presents the result of the research project on school finance reform for California's public schools.