This paper presents results of a study designed to determine whether each university in Florida's State University System (SUS) was being treated fairly by the funding methodologies used by the Legislature and the Board of Regents (BOR). The paper provides an examination of the generational formulas used by the Legislature and the BOR that result in the appropriation of the SUS operating budget; an analysis of the allocation process for the nine universities and special units; and a review of the capital outlay budget for the System. Recommendations are presented according to the three major components of the study: (1) a comparison of the design and execution of the legislative and SUS funding processes; (2) an analysis of the equity of the New Funding Methodology (adopted by BOR in 1988 and subsequently implemented in part) as an allocation technique; and (3) an analysis of the equity of the fixed capital outlay budgeting process. The appendix contains a presentation by the Office of the Auditor General on the Consultant's Report. (GLR)