Monument Academy officials tried to be conservative when estimating costs for a new school near Colorado Highway 105 and Knollwood Drive in Monument.

It turns out they were a little too conservative.

Unexpected costs led to a roughly 10 percent budget deficit, officials told the charter school's families in a recent letter.

The likely solution, , said board member Laura Hannon, is to go back to the bonding authority where the school got its first infusion of money and sell about another $1 million in bonds. Originally, the school sold about $12.3 million in bonds, but is eligible for up to $15.2 million. Local residents' taxes were not raised to pay for the building.

The bonds are issued through a state organization, and Monument Academy will pay off the bonds over 30 years using a portion of its per-pupil funding from the state.

Building costs were higher than anticipated for a number reasons, including a higher cost for water taps and grading issues on the land, Hannon said.

"There were just costs that came up that weren't budgeted for," she said.

During a tour Wednesday, Dana Murphee, a parent with a construction background acting as owner's representative, said the building is 74 percent complete. Some walls are painted and ceilings are going in.

Despite the cost overruns, the building is on schedule to open in time for the new school year. Classes will start in September and run through June this year, Hannon said, rather than follow the typical August to May schedule. The building will be 87,000 square feet and house students in preschool through eighth grade. Last year's enrollment was about 520.

The 12-year-old school had been split between two campuses.

Some projects will be finished over Thanksgiving break, Hannon said, such as painting and carpeting, especially in areas not used as much when the school first opens.

Parents have been supportive of the new school and the adjusted calendar, Hannon said.

"They've been waiting years for this day, too," she said.

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