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This paper analyzes the equity and adequacy of school funding for ELLs. First, I examine policies for the identification, assessment, and funding of ELLs. Next, I use national data from the School Finance Indicators Database to determine whether states and districts provide greater funding for districts serving greater concentrations of ELLs. Finally, combining data from SFID, the Stanford Education Data Archive, and NCES Education Demographic and Geographic Estimates, I build a cost model to determine the costs of meeting national average outcomes for districts serving greater concentrations of ELLs.