This monograph examines several proposed school finance formulas addressing funding and/or taxation disparities produced by the current Illinois system. The analysis is conceptual, as each model is either in the developmental stage or has not been simulated to demonstrate actual impact. Specific algebraic formulations are ignored when discussing each proposal's underlying goals and assumptions. The distribution formulas examined include the State Board of Education Prototype, the Adequacy Plus Property Tax Relief (APPTAR) model, full state assumption, the Changing How Illinois Education Is Financed (CHIEF) proposal, full state funding of elementary education, and a proposal introduced as Senate Bill 1902 during the 86th General Assembly. Following a brief description of individual proposals, they are examined and evaluated collectively, as they share a common thread. Each assumes that Illinois schools are, in part, inequitably funded because funding is inadequate to meet equalization needs. Efforts to develop distribution models for a nonexistent pool of money are premature. If state policy makers decided that per pupil expenditures should be the same for every school district (equity) and were unwilling to increase overall funding (adequacy), the result would be funding mediocrity. Presently successful districts could no longer afford high-quality programs and the best-qualified teachers. Steps must be taken to convince taxpayers and policy makers of the need for substantial increases in educational appropriations. (4 references) (MLH)