Cincinnati's 40k Challenge

There’s a new participatory budgeting initiative in Cincinnati’s Price Hill neighborhood. The 40k Challenge, run by the organization Price Hill Will, is inviting community members to decide how to spend $40,000.
Starting with a public meeting in December 2010, organizers are asking people to generate project ideas and proposals for four themes: business & entertainment, community cooperatives, community promotion & connection, and public spaces & things to do in them. Like in Chicago’s 49th Ward, project teams will then refine the proposals and present them to the public for a vote.
The pot of money may be small, but the 40k Challenge shows how an organization can open up budget funds to the public, and spark more community engagement in the process. Could this be a new model for participatory budgeting?