I would like to note that in terms of education, I think improving it would require putting LESS money into it, and not allowing teachers to form unions.
As it is, take BC for example. In my short 5 years of secondary school, the teachers went on strike once, and almost a second time.
The teachers earn a comfortable living, much higher than the average wage in Canada. Yet what about the students' achievements? 20 years back, Calculus was part of the grade 10 math corriculum. Now it's for good students who finished math 12 early. And the corriculum gets watered down every year. In fact, recently (5 years ago for grade 8, 4 for grade 9, so that our year does not get changed, but the year after ours use the new corriculum for the first time), they started implimenting a change in all the courses. Needless to say, the courses got significantly easier, and the textbooks are a lot more picture based.
Does this really help the students? No. They put so much money in making new textbooks, but the result is students do not learn as much as before. They stopped making provincial exams mandatory. Now, students can just make a teacher happy and get an "A" and get into a University without knowing anything. I've always been baffled by how students who get straight As in grade 12 can't solve something like "find the probability of two people having the same date for their birthday in a room with 50 people".
Every year the corriculum is watered down, every year the graduation rate decreases. Yet the teachers keep asking for more and more money. What have they done to deserve more money? Nothing. Teachers in China earn much less than teachers here, yet students in China learn a lot more. People rebuttal by saying that the Chinese are not "creative", and that teachers teach creativity here. But how really do you measure creativity? How do you teach it? I must admit, students are quite creative, coming up with things like "pwn", "lolcat", "roflcopter". But I don't think knowledge and creativity is mutually exclusive.
But one thing I am sure of, is that funding and teaching quality are not necessarily positively correlated.