This report is the third in a series by the Local Control Funding Formula Research Collaborative (LCFFRC). This research seeks to help policymakers and others better understand ways in which the LCFF is changing fundamental aspects of resource allocation and governance and how these changes might lead to improved student outcomes. The work is grounded in an understanding of how the LCFF is supposed to work and what it is meant to accomplish, in other words, in the law's theory of action. Drawing on findings from previous research, this study focuses on four main issues: (1) the extent of meaningful stakeholder engagement in Local Control Accountability Plan (LCAP) development; (2) ways LCFF implementation is advancing or challenging Common Core State Standards (CCSS) implementation; (3) how resources are allocated, especially to targeted groups; and (4) the extent to which LCFF planning and implementation advance equity and coherence. This report is based on eight case studies, seven in traditional districts and one in a charter management organization. Study sites reflected California's geographic and demographic diversity. To collect data, researchers conducted 151 interviews with administrators, parents, community members, union leaders, and board members in fall 2016 and examined a range of relevant documents, including LCAPs, district budgets, collectively bargained contracts, strategic plans, and school site plans. While this study has limitations, including the small number of cases and the timing of the data collection (districts had not yet used the revised LCAP template and the new state accountability system was not fully in place), this research provides important insights into the ongoing implementation of the state's ambitious new system of finance and governance. The Research Methodology is appended. [This report was written with the assistance of Taylor Allbright, Jarah Blum, Tasmin Dhaliwal, Laila Fahimuddin, Katherine Ramage, and Laura Tobben. For the previous study, "Two Years of California's Local Control Funding Formula: Time to Reaffirm the Grand Vision," see ED564335.]