I grew up in a blue collar suburban area, and the public schools there get about 70 percent of the per pupil funding that Detroit Public Schools gets. Yet the graduation rates and standardized test scores are running at 3x the level of Detroit. I went to a private high school that had to make due with about 40% of the funding (in this case directly via tuition) that Detroit gets, yet 99% of the students there went on to college. Sure the teachers made a laughable pittance and we didnt have amenities like a football field or a tennis court or a home ice rink but I got a great education.
State funding regulations basically siphon away extra money for Detroit, so it has consistently one of the highest rates of funding in the state, but its pretty much dead last in every testable category.