This paper contributes to the recovery of finance reform by providing a rough gauge that will allow individual states to evaluate their positions among their peers regarding several basic equity principles and measures. Changes in these equity measures over an 8-year period are assessed, and some of the correlates of equity at the state level are evaluated. This report uses consistently calculated equity measures: "horizontal equity" and "equal opportunity." Given any pupil resource, horizontal equity asks, "Do students receive equal amounts of this resource?" Equal opportunity raises the question, "Is the distribution of pupil resources independent school district wealth, as measured by a given indicator?" The two student resource variables used are per pupil operating expenditures and the teacher-student ratio. Also examined are per pupil revenues by major sources of revenues (local, state, and federal). In the analysis of the relationship between district wealth and equal opportunity, three variables are used: median family income, poverty concentration, and property wealth. Two methods of assessing equal opportunity are used in this analysis: the simple correlation coefficient measures the association between wealth and resource levels within a state; the second method is the display of separate averages of the student resource variables by groups of school districts, classified into one of four quartiles of wealth. Data are displayed in 16 tables and 7 figures. (MLF)