This paper examines the complex web of state basic and categorical aid programs in New York, with particular attention to the components of basic aid. State aid to elementary-secondary education in New York is distributed through a four-point basic-aid program and over 30 categorical programs. The first part of the paper describes the components and accompanying formulas for the basic aid program--operating aid, growth aid, supplemental support, and high tax aid. The next part summarizes the major categorical programs. A conclusion is that the state-aid system is inequitable and inefficient. A close examination reveals a system of funding riddled with guarantees and safety hatches that protect affluent school districts and distort equity costs. A major source of erosion in the equity of basic aid lies in computation of the combined-wealth ratio. The recommendation is made to streamline the basic and categorical grants-in-aid programs, which consist of an unnecessary supplemental-support aid program and an overly complicated high tax-aid program. One figure and two tables are included. (Contains 11 references.) (LMI)