The federal stimulus package, which may finally be a done deal, includes a number of provisions that will affect Washington State. The two that will have a significant direct effect on the state deficit are an FMAP boost (see my update on that) and the state fiscal stabilization fund. Together, the total is just over $3 billion.
The state fiscal stabilization fund is split into two portions. One is dedicated to education; the other is more flexible. The block grant for education (about $820 million for Washington State) can be used to stabilize state education funding, with any remaining money going to school districts.
The more flexible portion can be used to shore up state funding in other basic services and can also be used for school modernization, renovation, or repair.
More detail on the state fiscal stablization fund can be found here.