Recently, I completed this "brief" for a public policy course I am enrolled in at UMD.
In case you just cannot bring yourself to read it, the shorthand is this--
National leaders both in and out of the Education Department are trending toward district control through granting and accountability measures.
The Center for American Progress and Comptroller of Public Accounts (TX) have both produced studies for measuring "student performance indexes for the dollar" in the country and state of Texas.
Summary: Education Spending & Student Performance