This Education Policy Brief examines the origins of the Complexity Index, how it is used in the state's funding formula, and considers whether the state's formula is working to fulfill school funding objectives. It raises some issues that should be considered when policymakers consider changes in either the Complexity Index factors, the weights attached to each factor, or the manner in which the Complexity Index affects funding for school corporations. Three policy perspectives are offered: (1) School Funding 2007: More Progress or Moving Backward? (Senator Luke Kenley); (2) School Funding: A Complex Issue (Dennis L. Costerison); and (3) Considerations for the Next School Funding Formula (Terry Goodin and Erik Gonzalez). (Contains 3 figures and 1 endnote.) [This policy brief was produced by the Center for Evaluation and Education Policy, Indiana State University School of Education.]