I like what my son's second grade is doing: just asking for a check from each family for $40. I think this gives the teachers the freedom to buy more of what they are needing (and it could change from year to year, depending on projects-- the second-grade does a lot of walk-to reading/math and class-sharing) and spend less on supplies they may already have in full stock.
In previous years, we have had the chance to use Schoolhouse Supplies, which is a company that gets supply lists from teachers and organizes a kit which is delivered directly to the teacher; parents can buy this online and cut their cost considerably. Having had a preschool, I know how much a lot of this stuff costs retail and it's a good deal. There is usually, though, another supply list with that for tissues, ziplock bags, hand sanitizer, etc which we have to get anyway.
I've no problem with community supplies, either. I want the teachers to have the supplies they need to do their job and the kids to have what they need to learn. Our district has had to fight for more paid teaching positions, etc and while I'm not 100% happy with the district's decisions or admin, I'm not willing to make the kids pay the price for that. We are so fortunate to have our son in a school where most (not all, but most) families can afford these supplies. That said, I'm a big believer in education equity and so if some other schools (Title 1, lower income etc) have more supply costs on their ledger to cover the social disadvantages they are dealing with, I'm fine with paying more on our end.