If you increase or decrease the pay of the teachers, I would expect to see an outcome on student educations over the long term. For example, if District X pays

If you increase or decrease the pay of the teachers, I would expect to see an outcome on student educations over the long term. For example, if District X pays better than neighboring district Z, District X will most likely have greater chance of hiring teachers in both districts, letting them choose the most qualified. Resulting in the school with higher salaries naturally getting more teacher candidates to choose from. While some expenditures might not have a direct impact on student educations, they still have some effect. Another one would be - a school investing in a new Air conditioning and filtration system, students are probably going to have an easier time learning when they don't have to worry about being too hot or too cold in their classrooms.