Historically, school finance has been concerned with three things: adequate provision, equity, and efficiency. While the first of these has been substantially achieved with free public education and a stabilizing student population, recent court cases remind us that the term "adequate educational program" has never been conclusively defined, particularly in relation to inflating educational costs. Concerns involving equity have centered on attempts to equalize wealth, special needs, and educational costs among the districts of a state. Wealth equalization proposals in particular have been resisted in the courts. Lack of agreement on educational goals and technology has limited attempts at efficiency to restrictions on revenues and expenditures, often through the inadequate device of budget elections. This document, directed toward those already familiar with the basic concepts of school finance, briefly discusses these issues as they apply to the situation in New York, referring to court cases and examples from other states. The author concludes that it would be wiser to consider fundamental changes in New York's school finance system than to tinker with present formulas. (Author/PGD)