It factored everything, $11 billion for 1.1 million students. Considering the output, what a lavish waste for so little.
It depends what you mean by the "output." NYC public schools still send an amazing number of students on to college. They send quite a few on to the Ivy leagues. Beyond that there is the specialized high schools, like the High School of Performing Arts, which produced a bunch of actors, actresses, singers, etc. There are high schools of art and design that graduate a good number of kids that go on to places like Parsons, FIT, etc.
This is the fact of NYC public schools -- if you want a first rate education and have the talent, then it's possible to get it. The same cannot be said for other public school systems around the country.