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This study investigates the cost of providing an adequate education for all K-12 public school students in Oregon. Using data from the Oregon Department of Education and publicly available sources, we analyze the relationship between student outcomes, per-pupil spending, and various student, school, and district characteristics. Using a cost modeling approach, we estimated that schools with greater incidences of students with disabilities, who are economically disadvantaged, or are English learners require greater funding to achieve a common outcome target. These results informed our development of an alternative weighted student funding model, which provides Oregon policymakers with a foundation for developing an empirical cost-based funding formula for improving statewide educational outcomes and ensuring equitable educational opportunities for all students.