Agree Budmill, it's really not good.
The budget really needs to be set as part of a two year strategy, i.e. The majority of players we are signing should be here for the next two seasons and good enough to make the transition to the premier league should we be promoted. Should we fall short again (shudder) then the following season would only require minor tweaks rather than another square one rebuild.
This will be the third season of major overhaul...it needs to be the last.