NAMPA -- There is more financial trouble in the Nampa School District.
During a board meeting Tuesday night the district told the public about a new $1.2 million accounting error. But this error doesn't increase the district's overall debt.
This error is an accounting mistake made from 2003 to 2008.
The district essentially used money in its general fund when it should have been used to pay off debts.
An internal investigation into the district's financial records for the last 10 years revealed the accounting error.
That error, worth $1.7 million, happened when the district used money in the general fund when it was supposed to be used to pay off the bond debt service fund.
The district already took care of $500,000 of that error, leaving it with a $1.2 million problem.
"We are looking at the affect of this probably pushing out the timeline for stability and for complete recovery, not immediate cuts," said Superintendent Dr. Tom Michaelson.
Michaelson says they are not missing any money and therefore this error does not impact the district's overall debt, which is currently at $5.1 million.
But how did this happen?
Michaelson says the district's audits for the last 10 years were done right.
"It's been my understanding that the audit firms them self have done accurate reporting, and complete reporting, and presented the info to the board," he said.
Michaelson didn't come right out and say it, but it appears the previous administration should have seen this problem, but didn't.
He now wants to look forward to paying off the current debt.
"We have to continue to look at deficit issues. Our spending patterns are still an issue that we are trying to address, where our expenditures come in line with our revenue," said Michaelson.
The district has already worked out a short term loan deal with D.L. Evans Bank and plans to pay off the debt in August.
There will be interest on the loan, but we don't know how much that will be. That amount will add to the overall debt.
The Nampa school board plans to meet again next Tuesday to discuss cutting 5 percent of the certified staff. The plan is to make most of those cuts through attrition.