Summer Suleiman

School leaders also said they are developing a two-year strategy plan.

Finance leader attributed the shortfall to unanticipated spending and lower than expected state revenues.

Also, one board member questioned why the school was over budget in administrative expenses and under budget in instructional expenses.

The new site, at 1516 Thalia St. just off St. Charles Avenue, will house roughly 457 fourth- and fifth-graders.

Students from the new charter school recently played their first basketball game, but the school's education director says record attendance was a bigger accomplishment for the fledgling alternative school.