This report examines the fiscal neutrality of three funding formulas that have been proposed to replace the current funding formula for Oklahoma's common schools in an attempt to have greater equity in the distribution of funds to the various districts. Using data from SY-03 to SY-07, calculations of state aid for the 540- districts and fiscal neutrality were made for the three proposed formulas and the current funding formula excluding transportation dollars in all scenarios based on the actual tax collections for each district and repeated calculations based upon the potential of each formula. The results indicated that while one formula consistently outperformed the other formulas, there was not an important difference in the ability of any of the formulas. Attachments include: (1) Mathematical Analysis of Proposed Funding Formulas; (2) Current Oklahoma Funding Formula; (3) Option A - Oklahoma Funding Formula; (4) Option B - Oklahoma Funding Formula; and (5) Option C - Oklahoma Funding Formula. (Contains 6 charts and 3 graphs.)