NEWTON, Ga. (AP) - Georgia Perimeter College President Anthony Tricoli has stepped down over financial problems that led to the 2-year institution being $16 million in the red.

Chancellor Hank Huckaby announced Monday that the college's budget will be balanced by canceling contracts, freezing hiring and suspending purchases. He said the university system also will contribute money to help fill the hole.

But Huckaby said the shortfall will carry over into next year, which likely will mean staff cuts and other measures to limit spending. He said the college needed "fresh approach."

Tricoli did not return a request for comment.

Huckaby said Tricoli will move to the university system office to help with distance education and other programs. Tricoli became president in 2007.