Today I want to update you on the California State University's budget and an important election that will determine further reductions to our budget. The CSU's budget is almost $600 million below its basic "workload" needs for the 2008-09 and 2009-10 fiscal years, due in large part to the state's deteriorating economy. In April alone, the state's General Fund revenues were down $1.89 billion, 16 percent below what the February budget projected. It is projected that the state will face a $15.4 billion shortfall by the July 1 start of the new fiscal year, which could grow as high as $21.3 billion.