The Governor, members of the legislature and other key stakeholders have identified concerns about the State of California's approach to funding K-12 school facilities, but they have not yet formulated a consensus going forward on the state role and responsibilities for school district facilities. To inform the school facilities funding policy debate this policy brief proposes the following principles to guide policy decisions about the State of California's facility funding role and provides an analysis of school facility indicators: (1) Equity; (2) Local District Effort and Accountability; (3) Fiscal Stability and Predictability; (4) Facilities Adequacy; and (5) Program Simplicity. [For the full paper, "Guided by Principles. Shaping the State of California's Role in K-12 Public School Facility Funding. Full Policy Research Working Paper," see ED573775.]