I have death in my family. I am responsible for being able to address what is wrong with the budget and what actions I would take to correct the deficit for year one. My answer is due tomorrow (6/4). a The scenario below (italicized) explains what is wrong with the budget. My 2 partners are responsible for answer what they would do for year 2 and 3 respectively.

The President, CFO, and Board are in agreement projecting a significant budget deficit. Unexpected revenue shortfalls have thrown the budget ($3,320,000) "in the red." Worse, hopes of more income anytime soon are slim. At the Board's recent meeting, the Board was disappointed by the President not advancing any remedy to cope with the new circumstances promptly. The President, CFO, and Board are further disturbed by a targeted 3 percent deficit for next year. We are appreciative your team has agreed to assist us in acting immediately to rectify this unacceptable financial situation. Although some actions may require more than one year to phase in, we need your recommendations to balance the budget within three years. More so, the above must be accomplished without diminishing the average "Performance Indicators" and "Attitudes toward the College"

scores.