Although Schwarzenegger didn't technically veto the 3 bills proposed by the assembly, he did threaten to. In the end, there was no need; the senate Republicans blocked the assembly's proposal (previous posts).

Anthony York of Capitol Weekly writes an afterthought on these 3 bills that would have- if passed- cut billions from schools. He asks the curious question: “Does that mean schools, by default, end up winning from this week’s lack of legislative action?”

The Federal education fund to the state ($6 billion) is contingent on the state maintaining their own base level education fund, so the bills not being passed may have helped.

I'll add: The American Recovery and Reinvestment Act of 2009 (ARRA) requires a 2006 level in order for the state to possibly receive the $8.5 billion allocated to it for education, info here. In 2006, K-12 ($32.9 B) combined with higher education ($8.9 B) was just over $40 billion, according to a New America Foundation article, which posted the revised numbers from the state's federal application. Also, Proposition 98 requires 40% of the budget states budget to be spent on schools (the LA Times reported on the benefits of Prop 98 in February of this year).