Funding of California's K-12 schools is complex. A history of our State's funding mechanisms can be found at: https://www.ppic.org/publication/financing-californias-public-schools/
While $103.4 Billion is a substantial number, California's funding per student, as of 2019, sits at 41st in the Nation.
In his State of the State Address on January 12, 2019, Governor Gavin Newsom said, “Seven years ago, we invested $47.3 billion in our schools. Next year, with your support, we’ll invest more than $80 billion — that includes $576 million for special education,” . . . “But it’s not enough. We’re still 41st in the nation in per pupil funding. Something needs to change. We need to have an honest conversation about how we fund our schools at a state and local level.” See https://www.sacbee.com/news/politics-government/capitol-alert/article226179020.html