While all this is not pleasant (and may not actually be necessary), it is very likely to take place. However, I'm always suspicious. I've seen it before. All the cuts for teachers and programs take place in the spring, then the administrators salaries are negotiated in the summer. So often, an amazing amount of funds appear to allow for these people to get their raises.
It will be particularly interesting this summer. At the end of this school year, the superintendent is moving to another district. With all the cuts taking place this spring, I'm anxious to see the offer that will be made to a new superintendent. I guess we'll see if the district is truly in the dire straits that it claims to be.