Let's denote last year's budget as \( a \).
According to the information provided, the school plans to spend twice last year's budget, which is represented as \( 2a \), but they will subtract the cost of the disco ball, which is $150.
This situation can be represented with the following equation:
\[ 2a - 150 = 1500 \]
So now, to determine last year's budget \( a \), you can solve the equation.