This report documents the second year of implementing Cycle-based Budgeting at Jefferson County Public Schools (Louisville, KY). In addition to aligning another $24.3 million new spending with the district's strategic plan, $20.3 million of existing spending was rolled into the process. Next, the challenges faced by the district to review 105 end-of-cycle programs totaling $33 million next year based on academic return on investment (A-ROI) are discussed. The report also includes an illustration of how A-ROI is defined and calculated and discussion of assumptions and issues around the formulation.