The Georgia Perimeter College has been sanctioned by an accreditation agency after an audit found the school was operating with a $25 million budget shortfall caused by chronic overspending and lack of financial oversight.

The Atlanta Journal-Constitution Tuesday reported the college is still accredited, but has been warned because of the financial shortfall and lack of fiscal oversight.

School officials say they expect to have issues resolved within a year. In September, an audit by the University System of Georgia found the school's senior fiscal leaders either ignored or didn't notice the school's dire financial conditions.

Georgia Perimeter College is the state's fourth-largest public college. The school operates multiple campuses in suburban Atlanta, and offers online degree programs.