Well, I do not know the extent of federal funding today. Ten years ago, the answer would have been an unequivocal, "Yes, even though there is no constitutional provision authorizing such an expenditure, but there is bothing you can do to challenge it thanks to current standing doctrines." Most of those programs declined in funding over the years through a sliding scale built into the program and contained sunset provisions past which the locality was to pick up the funding slack.
Even assuming some federal funding (traffic programs, Community Oriented Policing, Drug propaganda taught in schools by local law enforcement - "I turned in my parents and all I got was this lousy T-shirt!") remains, I do not know that this bill cuts off all federal funds to a locality based on a weapon snatching.