The funding of public elementary and secondary schools in Oklahoma is examined in this report. In accordance with legislative requirements, a Special Joint Committee of the Oklahoma Legislature undertook an assessment of the current school finance formula for state aid and made recommendations on changes needed to provide equitable funding for equal educational opportunities through the distribution of state appropriations. This report is divided into nine chapters dealing with the following topics: (1) formation, makeup, and legislative charge of the Special Joint Committee; (2) basic assumptions and methodology of the report; (3) analysis of current education funding system; (4) cost of quality education in Oklahoma; (5) sources of revenue; (6) shortfall adjustments; (7) transition formulas; (8) recommendations for action; and (9) recommendations for further study. Twelve tables, and 23 charts supplement the text, and an appendix lists constitutional and statutory changes required for policy implementation of the models discussed. (SI)