This report looks at Rochester, New York, where, in the 2019-2020 school year, 11 public charter schools enrolled slightly more than 18 percent of public school students. Given that Rochester's charter schools educate a large proportion of that city's students, it is important to understand exactly how those schools are performing and whether students attending Rochester's charters are funded equitably. The authors review the evidence on charter performance and their previous work on funding equity. They then provide an in-depth analysis of the funding available to Rochester's public charter schools compared to the Rochester City School District (RCSD). The analysis uncovered a 42% charter school funding deficit, representing a gap of $14,280 per student. RCSD received $33,972 per pupil while Rochester's charters received only $19,691. Rochester's charter school funding gap is one of the largest among the nearly 20 urban areas that have been analyzed over the past decade.