This research brief summarizes a report by Heather Rose, Jon Sonstelie, Ray Reinhard, and Sharmaine Heng, "High Expectations, Modest Means: The Challenge Facing California's Public Schools" (2003) [ED497508]. The full report provides background information on California's academic standards, resources and funding mechanisms. Its findings point to relatively low levels of school spending, a gap between academic standards and school resources, a finance system based on previous funding levels rather than actual school resources and their costs, and questions the most efficient use of the state's school funds. In addition, the report provides a discussion of Proposition 98 and its origins. The report concludes that the work of the Quality Education Commission, which is charged with developing school prototypes and estimating their costs, may provides a useful bridge between the State Board of Education, which sets academic and content standards, and the legislature, which allocates school funds.