The document discusses budget updates for a school district, including projected deficits for the 2012-13 and 2013-14 fiscal years that were reduced from earlier projections due to increased revenues and $1.4 million in expenditure cuts. Charts and data are presented on enrollment trends, revenues per student comparisons with other districts, historical expenses, and the breakdown of the district's current expenses. Next steps to resolve the remaining $5 million deficit are outlined, including collective bargaining, school closures and reorganizations, and revenue enhancements.