The Chicago Public School District is the third largest school district in the United States and has approximately 400,000 students. In 1987, CPS was named “the worst in the nation”(). Since then, rising to the top, the CPS has completely rebuilt its structure, appointing leaders and reforming ideas. Now, with a projected deficit of around $1 billion, the CPS is returning to a downward path, where money is the biggest issue. The US federal government already has financial problems of its own, which makes managing the CPS budget a problem within a problem. CPS, with a budget of $6.6 billion for fiscal year 2013, is now adopting a new strategy based on a flawed “student-based budgeting system.” The Board of Education is also struggling to resolve the debt it has reached, and with its plans for the 2014 fiscal year, this year's budget book is considered “one of the least poorly written budgets”(). The way CPS manages its budget is not benefiting students' lives and education and is leaving CPS running at a loss with huge financial problems. Parents want the best for their children, without a doubt, and higher educational standards will be something parents will have at the top of their list. There is enough support to say that people who received a better education made progress in life. Even our President Barack Obama has spoken about how important it is to ensure that children receive a well-rounded education. Learning critical thinking and problem-solving skills paves the way to national prosperity. (Bok, Higher Education) It is easy to see that there is a strong need to get the best education possible for a reason. Education is and will always be an important factor within our society. Mo...... middle of paper ...... NT-based budgeting." ABC Local, 2013. Web. Feb 2014 Snell, Lisa. A Handbook for Student-Based Budgeting, Principal Autonomy, and School Choice . Los Angeles: Reason Foundation, 2013. E-book. “Budget Tool for Chicago Public Schools.” Web 13 February Cuts. 10 February 2014. “Pages - Budget.” Press Release: Despite $1 Billion Shortfall and Lack of Pension Reform, Proposed Fiscal Year 2014 Operating Budget Protects." Investments in Student Learning. Web. February 13, 2014. "CPS Moves to Budget student-based.” Chicago Public Schools Moves to Student-Based Budgeting. Web. February 2014. “Institute for Illinois' State Funding for.” Chicago Public Schools. August 21, 2013. Web. February 17, 2014. Proposed Budget: Chicago Public Schools, 2013. E-book.