I can tell you that in MA no one is spending that money. They are sitting on it until next year, because FY12 we will see the stimulus giveaways evaporate, and state budgets will be seriously in the red.
It's all smoke and mirrors. Everyone who actually deals with school budgets (eliminate teaching staff from this equation as they just don't have the tiniest of clues as to how a school budget is funded and allocated -- they think they do, but absolutely do not) understands the fall from the cliff we are careening out of control towards.
You think it's been ugly? you ain't seen nada nothing yet.