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The purpose and significance of this paper is to extend the examination of the efficacy of Texas’ education finance system given that the Texas funding formula is structured to provide additional funds to English Language Learners. Univariate and multivariate statistical analyses were conducted to examine operationalized variables and equity relationships for Texas ISDs during the 2005 to 2009 academic years. Two salient general findings are of particular note: (a) The strongest predictor of combined state and local general fund revenue per pupil is assessed valuation; (b) The FSP components representing percentages of students receiving bilingual services is an insignificant predictor of expenditures per student.