In 1984 the Texas legislature passed an educational reform bill, House Bill 72 (HB 72). The prime objective of HB 72 was to achieve greater equalization of the state's school finance system; it was intended to affirm vertical and horizontal equity and equal opportunity/wealth neutrality as goals of the state system. This study analyzes the results of HB 72's mandated fiscal changes and evaluates the extent to which the equalization objectives were achieved during the 1984-85 school year. The study also evaluates HB 72 to determine if, and to what extent, vertical and horizontal equity and measures of equal opportunity equalized public school finance in Texas. The study found a 743 percent variation in per-pupil revenues across state districts and a continuing strong correlation of district wealth and district revenue per student. This indicates that varying local economic factors still play a large part in determining the level of resources available to students. The goal of financing education through state revenue sources (interpreted as a minimum 50-percent state share of total revenues) seems to have been reached during the 1984-85 school year. The question of why equity has not yet reached acceptable levels was not addressed in this study and is a prime topic for further research. Included with the paper are seven tables of statistical data, two graphs, and a short list of references. (MD)