It's often not even state budget in the US. In the case of my town, while I believe some money comes from the state in the form of grants etc., about 60% of my town's property taxes go to funding the elementary school and a split (with two other towns) of the regional high school district.
That looks like ~28% of the state budget, and per-student spending appears to very high (the 4th highest in the U.S.). Washington is spending 1.5X per student as compared to California, and is apparently not seeing commensurate improvements. I wonder if there are folks working on debugging the apparent inefficiencies of state education systems.