As the project manager this discovery ultimately falls back on me. If I didn't maintain timely communications with the project team members to ensure accurate timeline and materials, the issue is my responsibility. Once I discover this issue I would be calling an emergency meeting with the stakeholders. As I prepare for the meeting I am going to look at every option available to see about decreasing the expenses and making these corrections in a timely manner. At the project review meeting I would have requested input from the team on recommendations to help resolve this issue. Once I have all my data I will hold the meeting with the stakeholders. I am going to present the issue at hand and be honest on the issue with them. I will offer the options to help resolve the issue and see what direction they want to go. I would make my recommendation as the project manager and explain how each option would play out. Ultimately this is my mistake and I will do whatever it takes to resolve.