This report documents the first-year of implementing Cycle-based Budgeting at Jefferson County Public Schools (Louisville, KY). To address the limitations of incremental budgeting and zero-based budgeting, a Cycle-based Budgeting model was developed and implemented in JCPS. Specifically, each new program needs to submit an on-line budget request to: 1) explain its alignment with the district's strategic plan; 2) specify measurable target outcomes; and 3) proposed a time-line to achieve the target outcomes so that the program can be reviewed for continued funding support. As a result, the district transformed $22.1 million new spending from entitlements into time-bound conditional commitments. Also included in this report are analysis results of how the $22.1 million new spending is allocated in terms of the district's priorities, shares between central office departments and schools, and equity.