Missouri implemented a new statewide funding formula based on the Outstanding Schools Act in 1993 to increase equity in school finance. This study examined the impacts of the new foundation funding formula on finance equity compared with the selected equity indices including range, restricted range, coefficient of variation, federal range ratio, Gini coefficient, and McLoone index. Using the Common Core of Data, the study analyzed all K-12 school districts in Missouri except special school districts. This study found that overall school finance equity in Missouri improved during the 1990s, and school finance reform as part of the Outstanding Schools Act contributed to school finance equity in the 1990s. (Contains 4 tables.)