Jeff is absolutely correct (OMG, did I actually say that?

). The majority of FIRST teams receive no funding at all from the school or school district. They rely solely on funding from external sources such as partner corporations, foundations, or grants (ref: FIRST Board of Directors report, January 2004). This is not the first team to lose their funding, nor will it be the last. So the school board cut the funding. Just because it happened does NOT mean that the team has to fold. It just means that you have to get out and start fund-raising NOW as hard as you can. Check
this whole forum for ideas. Given that you have existing robots that you can show to prospective supporters, along with several awards that help show your successful participation in the program, you are already way ahead. Many other teams have come back, stronger than ever, from a loss of funding or primary sponsor. You can too - go for it!
-dave