This digest in Spanish discusses a contemporary rationale for decentralizing fiscal decisions through school-based budgeting (SBB). It comments on procedural, legal, and equity considerations; reviews several studies of SBB implementation in urban districts; and identifies emerging policy and research directions. The rationale behind SBB includes the finding that decentralizing four key resources (power, information, knowledge, and rewards) can enhance organizational effectiveness and productivity. Some of the implementations and obstacles to SBB include the time involved, fairness issues, and the need to enhance equity among schools. Recent studies paint a complex picture of SBB's promise and pitfalls. Some districts had a "broadened definition" of SBB and a high-involvement orientation, and some power was decentralized, but district and state constraints allowed schools little discretionary authority. However, a study of Chicago Public Schools showed that they achieved at least one reform goal--the reallocating of funds to reduce administrative bureaucracy and equalize interschool finance. Even so, other studies demonstrated that SBB provided no impetus for schools to do business differently and equity remained a problem. The digest suggests that clarity is needed about SBB's purpose and goal, and it cautions that only a weak link between SBB and school-based management has been found. (Includes 14 references.) (RJM)