California enacted the Local Control Funding Formula (LCFF) in 2013-14 in an effort to simplify school finance, revamp accountability, and increase funding for high-need students--those who are low income, English Learners, homeless, and/or foster youth. The LCFF represents an overhaul of the previous system of K-12 school finance that had been in place for nearly four decades. Under the LCFF, extra funding is allocated to districts with more high-need students. This report provides new evidence on the effects of LCFF on the distribution of educational resources across districts and schools. Overall, the data show that LCFF funding is, for the most part, reaching the high-need students for whom it was intended. Yet greater reliance on novice and less-qualified staff means that it may take time for gains from LCFF to accumulate in high-need schools and districts. In addition, rising pension costs, declining enrollments, and teacher shortages are placing constraints on districts' spending options. Ensuring and improving the equitable distribution of LCFF funding may require policies that track funding within districts and hold districts accountable for the allocation of resources for high-need students. [For the technical appendices to this report "School Resources and the Local Control Funding Formula. Is Increased Spending Reaching High-Need Students? Technical Appendices," see ED598145.]