Does funding matter? <insert one of a dozen studies here showing little relationship between student funding and outcomes, across and within countries>
One of the issues with many of those studies is that they track per-pupil spending and track educational outcomes without actually verifying that the per-pupil spending is actually being spent on pupils. If a significant fraction of the per pupil spending is being spent on facilities maintenance, then the water, so to speak, is evaporating before it reaches the mouths of the thirsty.