NAMPA -- The Nampa School Board accepted the resignation of Superintendent Gary Larsen Tuesday night during a special board meeting.

This after the school announced a budget shortfall of $2.8 million with possibly more money to be lost.

They say it's a sad and unfortunate series of events, and with the resignation will also come an independent audit.

The board opened their meeting immediately at 7:00 p.m., but then went into a private executive session for exactly an hour.

KTVB's cameras were not allowed there as intimate information about Larsen's resignation was discussed.

The search for a replacement superintendent will begin immediately; they will find that replacement with a panel of community members.

Vice Chair Dale Wheeler said the independent audit is to regain the public's trust and to start fresh.

We took that discussion into account, we had a pretty good discussion about that, and so for Gary Larsen's health and for the good of the district and for his family we felt that it was best if we accepted that resignation, said Wheeler.

Superintendent Larsen submitted his letter of resignation Monday.

Wheeler said it's kind of like the captain going down with the ship, but he also said he didn't not expect any further resignations to come forward.

The shortfall comes because incoming funds were overestimated.

Earlier Tuesday, the district said the financial situation could be even worse.

Wheeler said he could not give out numbers as to how bad the district shortfall really is.

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