Most Michigan districts need substantial increases in revenue to reach adequate funding. It would cost $4.5 billion to bring districts to funding adequacy based on estimates updated from the 2018 Michigan School Finance Research Collaborative (SFRC) adequacy study. This cost includes an estimated $1.6 billion to introduce universal, no-cost preschool. Adequate funding refers to the funding necessary to provide students with reasonable opportunities to achieve state standards. Some districts are spending above their adequacy target, but that does not mean that funding is excessive or wasteful.