I'd like to see the branch campus funding allocated for teachers' salaries in order to decrease the student-teacher ratios".
Yes, "allocated" is a verb, but it's a past participle, not a past tense form. "The branch campus funding" is the grammatical object of "see", but we also understand it as the subject of "allocated". The element that I've underlined is a past-participial subordinate clause that has a passive interpretation. It's function in the sentence is complement to the verb "see".