In response to ongoing court battles regarding the adequacy and equity of Arkansas' education system, the state's lawmakers have effected school reforms in many areas over the past few years, including nearly a 30 percent increase in educational expenditures from 2003-04 to 2004-05. The authors distributed a confidential survey to all 254 school district superintendents in Arkansas to gauge the results of the recent school reforms and to see what challenges superintendents still face in improving teacher quality and educational opportunities for all students. In particular, superintendents were asked about how recent school funding increases were affecting teacher quality and supply issues in their districts, particularly in light of No Child Left Behind's (NCLB) requirement that all schools be staffed with "highly-qualified teachers." The authors found that despite real increases in per-pupil expenditures and categorical funding for low-income students, most superintendents surveyed (67%) believe that their district does not have adequate funding to attract enough highly-qualified teachers to meet their needs, or to provide an adequate education to all students (70%). At the same time, the vast majority (86%) of superintendents claim that nearly all of the teachers who have applied to their district over the past three years were, in fact, highly qualified. Before education spending is again dramatically increased in the state, further research is needed to explore the contradiction or inconsistency between what district officials say they need versus what they may already have. (Contains 5 tables and 1 figure.)