From LAO report on May Revise:
In program terms (excluding deferrals and funding swaps), the May Revision reduces K–12 education by $2.8 billion and CCC by $820 million over the 2008–09 and 2009–10 period. These program reductions would be mitigated by the federal economic stimulus funding available to California. For K–12 education, California will receive approximately $6.3 billion in federal stimulus funding over this period. As a result, compared to the February funding level, K–12 funding, on average, would increase by about $600 per pupil.
Also, because of ARRA, if the state's revenue situation were to further deteriorate and the Proposition 98 minimum guarantee were to fall, however, the state could be constrained in its ability to further reduce K-14 spending.
As posted on the LAO website, "The Legislative Analyst's Office (LAO) is a nonpartisan "