Except that you probably wouldn't need after school care or would need less time because the kids are in school longer.
FINFAN, the schools didn't just tack on time at the end of the day, they added some time before school too and took out some of the days off. They seem to have it worked out just fine. If our schools did this the kids would get out of school probably around 4:00, practice would start right after that and be done by 6:00. My kids have never had 5 hours of homework in one evening so I can't see them being up until 11 either way. On game days they don't have anything right after school so they do their homework then.
The other option is to support a tax increase to make up for your budget shortfall. Our district has a $15 million shortfall from reduced funds being sent from the state, that equates to about $100/YEAR for the homes/businesses-big deal. We can't do that because of some other stupid law that restricts referendum size but I am sure, even in this depressed market, that a referendum costing tax payers less than $10/month would easily pass.