Biggest single increase goes to salaries, with additional funds for benefits.
CEO says the first draft represented a "pie in the sky" spending, but that the latest version is more conservative in scope.
School leaders also said they are developing a two-year strategy plan.
Also, construction at the school's new Federal City campus is expected to be complete in December, leader says.
Lycee's search committee quickly scheduled four candidate interviews this week, the first to happen at 7:30 p.m. today.
Hynes leaders plan a 4 p.m. public hearing today at the school.
It's going to take more work to meet new Common Core standards, leader says.
"We can’t have the public participate in the board meeting," board president tells a frustrated onlooker.
Board president Ryan Bennett cited “consistent growth in student achievement and school performance scores” under Toranto's leadership.
The hearing is planned for 4 p.m. at the school.