In 2013, California implemented an ambitious school funding reform, the Local Control Funding Formula (LCFF), which allocates state funding by the proportion of unduplicated "high-need" students in the district: those from low-income families, English learners, and those in foster care. The goal of LCFF was to reduce academic achievement gaps between socioeconomically disadvantaged children and their more advantaged counterparts by committing $18 billion in increased state support, allocated based on pupil needs, to be incrementally distributed over 8 years. This reform was distinctive in two ways. First, its multiyear design pre-committed funds, so districts were assured this would not be a temporary, reversible change. This commitment enabled districts to plan long-term, transformative initiatives rather than one-off expenditures. Second, the funding came with minimal restrictions on how schools could use it, giving fiscal sovereignty to districts. This study investigates the impacts of LCFF-induced increases in per-pupil spending on student achievement and behavioral and attainment outcomes. To examine the impact of increased funding on student outcomes, the study links district- and school-level information on school resources and per-pupil spending with longitudinal student data for the full universe of public school students in California who were first observed in kindergarten and followed as they progressed through the K-12 school system. This student-level data included 6.2 million K-12 students in each year studied. The analyses span the school years 1995-96 through 2018-19 across the 10,000 schools and 1,000 districts in the state but focus particular attention on the rollout period of LCFF implementation from 2013 through 2019. [Additional funding from the University of California, Berkeley (UC Berkeley) Population Center pilot grant.]