According to my Time Almanac for 2007, on the Smartest States, 2004-2005, California ranked number 43.
According to my New York Times Almanac for 2008, for 2004-2005, California ranks ranks 32nd for expenditures per student. (California ranks first for the number of students enrolled, of course.)
According to my World Almanac for 2009, for the fall semester of 2005-2006, California's expenditure per pupil was $8,834. The national average is $9,557.
I also searched for information on the internet. According to the U.S. Census Bureau for 2003-2004, California spent $7,748 per pupil and was ranked 26 amongst the 50 states. That year, New Jersey was the most at $12,981 and Utah the worst at $5,008. The national average was $8,287.
I also found information collected by the NEA for 2007-2008. California spent $8,883 and was ranked 44. The national average that year was $10,589. The District of Columbia spent the most, at $19,077 and Arizona the least, at $6,189.