In the effort to improve essential components of the Basic Education Program (BEP), the General Assembly has adopted legislation directing the BEP Review Committee to perform a comprehensive review of the funding formula, identifying needed revisions, additions, or deletions. This year, through a series of full-day meetings, the committee has performed a comprehensive review of the following areas: total instructional salary disparity; differences in benefits; inflation indicators; funding for at-risk students; funding for English language learners (ELL); unit component costs; and the existing mechanism for funding equalization. This first edition of the report summarizes the findings of the committee, presents the immediate and extended priorities identified by the committee, and includes needed technical corrections. The following are appended: (1) Public Chapter 670; (2) Salary Disparity Analyses; (3) Appendix Salary and Health Insurance; (4) Inflation Indices; (5) Streamlined Taxes; and (6) Prototype Fiscal Capacity Model.