In January 2012, a system-wide task force came together for a nearly year-long process of revising the community and technical college system's performance-based funding (PBF) system, the Student Achievement Initiative. This review was consistent with national experts' recommendations for continuous evaluation of PBF systems to ensure overall goals and principles are being met. Recommendations for adjustments to the achievement metrics and funding model were made to the president's commission (WACTC) in November 2012 and approved by the State Board in December 2012. Recommendations for change reflected a shift in both student success policy and fiscal policy to recognize both the growing national emphasis on the completion agenda, as well as the constrained resource environment caused by the Great Recession. The goal of this paper is to evaluate whether there appears to be positive movement in student achievement toward the policy goals which were the basis of the 2012 revision of the metrics and funding model. The following sections begin with a brief overview of the theory behind PBF and a background on the revision, followed by a system-level analysis of each of the key milestone areas addressed within the revision. The connection between increased performance and increased funding for colleges is also discussed. The paper concludes with a discussion and implications of an incentive-based allocation system with thoughts on future study. Appended are data tables showing: (1) Basic Skills Transition Rates by College; (2) Precollege English Progression and College Completion by College; (3) Precollege Math Progression and College Completion by College; (4) Completions by College; and (5) Funding Distributions 2009-10 to 2014-15.