The interim budget is "status quo," said Lisa Shoemaker, the assistant superintendent of business services.
Shoemaker said the district was maintaining its programs while the district continues deficit spending between $1 million and $2 million a year for a short-term basis.
Expenditures for 2012-13 were projected to be more than $57.8 million, while the 2013-14 year is supposed to be about $56.4 million. The 2014-15 year is projected at more than $57 million.
"We have adequate reserves," Shoemaker said at a regular school board meeting. She said the reserves will "bridge us" through critical times, adding 2014-15 and 2015-16 are scheduled to see revenue increases to wipe out the deficit.
Meanwhile, board member Mary Caenepeel was elected as board president and Steven Llanusa vice president. Member Hilary LaConte was elected to secretary.
In December 2010, Llanusa was visibly upset over not being selected as board vice president and said at the time he had been the only board clerk not to have advanced to vice president.
Llanusa, on the board since 2005, was also the only member opposed to a $95 million school bond measure that voters defeated in November.
He also clashed with former Superintendent David Cash over communication methods and the district's censure policy.
After last week's meeting, Llanusa was in much better spirits.
"We've had a smooth transition" with new superintendent James Elsasser that "reflects the cooperation of board members," he said after the meeting.
In other news, board members said the recent passage of Proposition 30, which increases income taxes and sales taxes for higher earners, did not help the district's bottom line, though it did prevent deep cuts in state funding..
"The passage of Prop. 30 did not increase revenue," LaConte said. "We are flat (for revenues) still. We just want to keep saying that so that the public is aware it's great it passed, it really saved our skin but it doesn't mean good times are here."