Nampa School District won't make further operation reductions to cover $1.2 million it owes to its fund for the district's bond payments. The additional $1.2 million was revealed at the Nampa School Board meeting Tuesday night.
But directing the money into the debt-service fund will extend the time until the district is financially stable, Tom Michaelson, district superintendent, said Wednesday.
He had estimated the district could feel the effect of a $5.1 million deficit and $3 million in reduced spending for 2013-14 for up to two years and that was before officials learned they needed to direct the $1.2 million into the bond fund. Michaelson wouldn't speculate on how much longer the $1.2 million payment would extended the district's financial woes.
Nampa officials spent the money on general school operations when it was supposed to go to a debt-service fund to pay bonds between 2004 and 2008.
Nampa School Board approved using part of a $6.3 million short-term loan it approved Tuesday to repay the bond fund.
Nampa's board will meet Tuesday to address staff reductions as it tries to bring its finances in line with revenues.
Michaelson projects that up to 50 instructors and other certified personnel will be reduced through attrition. But parents worry that reducing the teaching force will increase class sizes.
Nampa School trustees must produce a balanced budget by the end of of June.