Student-Based Budgeting (SBB)--also called weighted student funding, fair student funding, student-based allocations, or student-centered funding--is a school funding system where schools receive dollars based on the number of enrolled students and their individual needs (such as English language learners, or students from high-poverty backgrounds), and often includes giving school leaders more control over their budgets. SBB differs from the traditional funding system used in most American school districts, where resources are distributed to schools in the form of staff and dollars designated for specific purposes. As a result, principals in traditional systems have limited flexibility over their resources. Many districts also provide little transparency as to why schools get what they get, which makes it difficult to assess how equitably the funding system allocates resources. In contrast, SBB is designed to promote the three pillars of a high-performing funding system: (1) Equity; (2) Transparency; and (3) Flexibility. As of 2018, as many as 16 major urban school systems use SBB. This report examines what districts need to consider to ensure that SBB is fully integrated into their overall system strategy. It is intended to help district leaders assess whether SBB is the right strategic move for their district.