TAMPA, Fla. — Hillsborough County School Superintendent Addison Davis plans to release his cost-cutting plan to school board members at the end of the week.

The board also approved taking out a multi-million dollar tax anticipation note to make sure it can meet next month's payroll, even if there's a lack of funding.

Financial advisers fear the district's cash reserves could dwindle in November.

Whether the money's needed or not, Superintendent Addison Davis said this helps make sure staff will be paid.

"This is really to protect all of our employees in the organization," he said. "This is to make certain that every two weeks we're holding up our end of the bargain and showing them value for their hard work every single day."

However, Davis said the money will not be used to make up for budget deficits that have the district looking at cuts.

"What this does is act as a bridge to get us through the coming months," he said.

Board member Steve Cona said he hopes this is a one-time deal.

"We have to make some difficult decisions to get our budget in line where we are not having to take out a TAN (Tax Anticipation Note) loan every November because we can't meet payroll. This is just not a good place to be," he said.

Several teachers also attended the board meeting to voice their concerns about potential job cuts.

"There are a lot of problems in this district but it's not the teacher's fault including the money we are being paid," said Hiedi Glick.

Superintendent Davis told the board his team is working to adjust spending to get the district to a better spot financially while protecting as many jobs as possible.

He said he's expecting an audit soon from the Council for Great City Schools.

That information will be used to help build a financial plan for the future.