Sounds ominously like what my boss did to me.
Boss: We now have the position to promote you. That, of course, will mean additional duties. Oh, and by the way, since the funding isn't available to staff those positions yet, you will have to continue in your present position for a little while longer. But don't worry, the promotion will be back dated.
2 years later:
Boss: I know, it's so frustrating. But my hands are tied. We just changed CEO's and have to resubmit all our staffing plans. But don't worry...