The school-based management program (SBM) of a large-city school district in a midwestern state is reviewed in this study to determine the equity of SBM budgets. Methodology involved analysis of 127 individual site-based school budgets within the district. Comparisons were made among schools on the bases of financial variables--total site-based budget, salaries and wages, fringe benefits, purchased services, capital outlay--and situational variables, such as school type. A discussion of school-based management examines organizational structures, personnel, and functions; the bureaucratic, mechanistic, and organic metaphors; and cultural components. Findings indicate that differences among variables were limited to school type and type within the region. Overall, site-based budgets were equitably distributed between regions. Differences were based on the degree of program specialization or other organizational distinctions. High school budgets were more differentiated than those of elementary schools, reflecting a greater degree of specialization of school staff. Differences in the degree of specialization were manifested as differences in salaries and wages, fringe benefits, purchased services, and capital outlay. Magnet schools were more specialized than high schools. A recommendation is made to shift some of the differentiated and specialized programs to the lower grades to provide more equitable distribution of financial resources. Sixteen tables are included. The appendix lists SBM policies. (28 references) (LMI)