My husband has enlightened my previous conceptions to funding of schools...he is the board president for our podunk schools (hillbilly capital). One thing we do have going for us is our community is a HUGE supporter of the arts... so band, music, chorus, marching band, etc are basically taken care of. Phew. State funding can't always be used wherever the school wants. If they get millions of dollars in funding for a new parking lot, they are obligated by law to use the money for ONLY the parking lot. Our school put in a state funded artificial turf football field to the tune of $10 million dollars! Our soccer teams use it too, and some schools rent it from us. I was FURIOUS over this spending, because I thought they could use the money elsewhere in the school (this was before DH was on the board). Now I know if they didn't use it, they would lose it. There is some STUPID spending going on in places that don't need it. My son is in chorus and band, I had to pay for his uniform and his instruments. The school was funded for a capital project and put in new seats in the auditorium and gave the high school a new facade, new windows, heating, etc. In the meantime the elementary school parking lot is a nightmare, and the elementary chorus room has chairs in it from when my husband was a student (25 + years ago). They still work, but are a sore sight. We also have an excellent technology program, long distance learning (6th graders on up learning Mandarin Chinese), bridging programs where students can take college level courses. As small as we are, we have a lot to offer. But our community cares.
Side note...Here in NY they have something called tenure, where once a teacher reaches tenure (say after 4-5 years), they are locked into that level pay, and can almost never be fired for being complacent or a bad teacher. We are fortunate to have some fantastic teachers in our district. Thank goodness.
But the funding is where you need to focus your attention. The financial officer of your school should be actively seeking state grants and funding for the school. That's a start. It doesn't always come from community pockets. There is only so much you can do going to a board meeting. They rule the spending of the money, not how to get it. You should first go to the superintendent of your school. She/he will be able to send you in the direction to proceed or make sense of what's going on. Sometimes...their hands are tied until the next fiscal year. Booster clubs and fundraising are always a good idea. Boosting community support for your school (alumni, etc) to show your concern and push for better funding for your school. Sign a petition promoting focus on XXX. Sports highlight the school in the news...it makes immediate sense why so much funding goes towards them. Most times sports are what draw people to move to an area...(sad, sad, sad IMO).
There are a ton of schools closing down or merging. I hope your school can turn this around.