About a decade of “emergency-style budgeting” at Delta State University has all but maxed out its credit and created an $11 million hole that is poised to be an unavoidable existential threat. Fixing the budget won’t be easy, Daniel Ennis, the new president, warned the campus during a town hall on Thursday. It must happen within five years and will require across-the-board cuts, including to salaries and positions, in part because the regional college’s single-best source of revenue — enrollment — has cratered by 48% in the last 16 years. “Delta State has to exist,” Ennis said. “It must — for the Delta, for the region and for the state.”