In 2013, California enacted an ambitious school funding reform--the Local Control Funding Formula (LCFF). The LCFF fundamentally overhauled the state's prior K-12 education finance system, which studies found to be inequitable, irrational, and highly centralized. More than a decade after its enactment, a growing body of research indicates the LCFF has helped to improve student outcomes, especially in K-12 school districts that enroll large shares of students with greater educational needs. However, as might be expected with a policy reform as ambitious as the LCFF, research also points to challenges in its fiscal design and opportunities to strengthen it. This report intends to establish a conceptual framework that California policymakers and education stakeholders may consider for potential adjustments to build on the solid foundation the LCFF created and continue to improve outcomes for students throughout the state. [Additional funding for this report was provided by the Skyline Foundation.]