This report describes the planning and implementation of San Francisco's weighted student formula policy, an equity-driven student-based planning and budgeting policy. It examines one district's policy goals, planning and implementation considerations, and how the policy interacted with other local, state, and federal policies. Although limited to one district, the report raises questions that might help education policymakers decide whether and how to implement a weighted student formula policy. Appended to this report is the methodology and a discussion guide. (Contains 4 boxes, 2 figures, and 5 tables) [This report was prepared for the National Center for Education Evaluation and Regional Assistance, Institute of Education Sciences, U.S. Department of Education by Regional Educational Laboratory West administered by WestEd.]