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This study critically examines Wisconsin's K-12 bilingual funding policy, focusing on its effectiveness in supporting emerging bilingual students. Utilizing a critical policy analysis framework and drawing on longitudinal quantitative data, we investigate how funding is distributed across districts with varying demographics, including poverty levels and racial composition. Our findings reveal significant disparities in funding allocation, with districts serving higher concentrations of English Learners (ELs) and students in poverty often receiving inadequate support. We argue that current funding mechanisms perpetuate educational inequities and propose policy reforms to enhance funding adequacy and equity, ensuring that all EL students receive the resources they need to succeed.