Before 1994, South Africa had sixteen education departments which were divided according to ethnicity, and the funding of education was also determined by ethnicity. South Africa amalgamated all these departments after the dispensation of democracy in 1994. In order to amalgamate former education departments, the newly elected parliament promulgated National Education Policy Act 24 of 1996 (hereinafter, Education Policy Act 24 of 1996). Parliament went further to promulgate the South African Schools Act 84 of 1996 (hereinafter Schools Act 84 of 1996). In terms of Section 34 (1) of the Schools’ Act 84 of 1996, the state must fund public schools from public revenue on an equitable basis in order to ensure the proper exercise of the rights of the learners to education and the redress of past inequalities in education provision. Therefore, the minister, in terms of Section 35 Schools Act 84 of 1996, was assigned to determine Norms and Standards for the funding of public schools after consultation with the Council of Education Ministers, the Financial and Fiscal Commission, and the Minister of Finance. The Norms and Standards for the funding policy came into being in 1998. Bearing in mind inequalities of the past, the researchers investigated whether the policy is addressing the funding inequality of the past in the provision of quality education. The research paper used quantitative design to collect data. Data was collected from quintile 1 to 3 school ten principals and ten School Treasures and analysed using SPSS Version 21. The findings of this research informed that unfortunately schools do not plan annual budget according to their needs and imbalance and inequality persists.