Georgia Perimeter College President Anthony Tricoli has stepped down following the disclosure that the school has a roughly $16 million downfall.

A message sent Monday from Chancellor Hank Huckaby confirms that a system fiscal and audit staff began an in-depth analysis to determine the exact scope of the shortfall. The college had already began cutting costs prior to the audit, cutting travel, delaying hiring and suspending contracts for the remainder of the Fiscal Year 2012 budget, which ends June 30. The plan is to reallocate funds internally so the school can finish FY12 with a balanced budget.

Meanwhile GPC staff is preparing to balance the FY13 budget since the shortfall will continue into next year.

"We do not know at this time precisely the impact in every budget area, but it will be significant and will likely impact personnel. These actions are necessary to address a shortfall of this magnitude," Huckaby said in the release Monday.

In light of Tricoli stepping down, Vice President of Academic Affairs Alan Jackson has stepped into the role of acting president until Huckaby appoints an interim president. Tricoli will reportedly work at GPC's system office to assist in distance education, adult degree completion and learning support.

"I have been on the GPC campuses many times. GPC is a strong and vibrant college with much going for it," said Huckaby. "It provides educational opportunities to thousands of Georgia students. It is a wonderful institution and I know will remain so. Our focus will be to continue the great work of GPC toward meeting its educational mission while ensuring its long-term financial stability."

Tuition and fees will not be increase more than what the Board of Regents had previously approved in April.