I teach 3rd grade and the school does the lists and we get little input. But,
I would say if you wanted to cut costs and you have a really long list- you can skip:
ziploc baggies
hand sanatizer
clorox wipes
lysol spray
index cards
tape
I have SO much of this stuff left at the end of the year. I bring it down to the low income schools. I used to teach at one and I know they don't get many supplies. Our school actually does half and half on this stuff (girls bring wipes, boys bring spray etc.).
It really helps when the kids bring at a minimum:
scissors
glue, glue and more glue
crayons/ markers/ colored pencils
kleenex (last year I had 1 box left)
pencils
erasers (can't get enough!)
folders (and the kind we ask for!)
We also share supplies and I have found they last a LOT longer that way. The year I let each kid keep it, they lost it or broke it within a month. If they are sharing between four of them, they take better care of it. It might be because with their own, the supplies are abundant and sharing they seem scarcer- not sure. But, the difference is huge! I store them all and change them out as needed. I actually save the used stuff for if we run out at the end of the year. Then I give anything usable back at the end (round robin, each kid picks 1-2 things).
Oh, and PLEASE don't buy pencil sharpeners without a place for the shavings to go. You might think they sharpen over the trash. They don't.