With pandemic stimulus funding subsiding, efforts to boost achievement, stem absenteeism, and narrow outcome gaps in California's TK-12 public school system will rely on the level and sustainability of ongoing state and local dollars. First implemented over 10 years ago, California's Local Control Funding Formula (LCFF) provides additional funding for high-need students. Participation in the federal program for free and reduced-price school meals (FRPM) is a primary determinant of high-need status--and therefore school funding. However, recent policy changes and a growing mismatch between FRPM and other socioeconomic indicators complicate the formula's ability to target student need effectively and equitably. In this report, the authors take a closer look at the impact of policy changes in recent years--including the introduction of universal school meals--and examine trends and challenges in the identification of low-income students based on FRPM eligibility. They then assess how alternative measures of need would compare under California's school funding formula. [Additional funding for this report was provided by the Windy Hill Fund. Research support for this report was provided from Emmanuel Prunty.]