This paper provides a brief overview of the elementary and secondary school-finance system. The scope of the school-finance enterprise is large. On any given day, about 20 percent of the country's population participates in precollegiate education programs of some sort. The states provide nearly half of all school revenues, which come from broad-based statewide taxes. The remaining funds come from local sources, primarily property taxes. The states, however, generally control local contributions. The factors that influence school spending have changed. Between 1950 and 1990, spending increases were propelled, generally, by the expansion of services schools were required or expected to provide. Since the 1990s, school spending increases have been based on evidence of improvement, a result of the standards-based approach to reform. The main strength of the current funding system is its ability to generate large amounts of money. Its main weakness is that it is inefficient because of its size and complexity. Further, the finance system is affected by other educational issues that require attention. These issues include linking finance to accountability; paying for school facilities and teachers; funding special education and at-risk students; and providing support for charter schools. (WFA)