This study investigates the interrelationship of categorical funding mechanisms within the Colorado school finance system for English language learners (ELLs) in an effort to test overall equity of the system in light of an underfunded categorical program. Using several analytical techniques, the study set out to determine the degree to which issues of adequacy within the ELL categorical program bear on equity among school districts in the state. Specific attention was focused on school districts with high levels of ELL students and school districts with little or no ELL programming needs. Results show an adverse trend as the percentage of ELL students increases in a school district. Equity overall among school districts is similarly adversely affected.