As far as the bridge, yes it had to be built. The bridge was necessary because of the RV Village, and the RV Village was necessary because of CyTown. CyTown is how they plan on covering some of this "shortfall" as well as renovate Stephens and Fisher.
But for the overall article, that was the definition of sensationalism. Especially the title. Yes, if everything stays exactly how it is, they'll have a big deficit in 7 years. But things aren't going to stay the same. B12 payout will increase for one. Right now, we are taking a hit from bringing in the 4 corner schools. That will go away with a new TV contract. CyTown revenue will start kicking in. I would guess that they'll add some sort of student athletic fee. Jamie will probably have to cave and start selling booze at JTS. I think that there are things they could do to make this up, but the article is slanted toward what happens if we do nothing.