Below is an instruction that describes a task, paired with an input that provides further context. Write a response that appropriately completes the request.

### Instruction:
Take the given speech and make it more formal.

### Input:
Hey everyone, it's great to see you all here today. We need to discuss budget cuts for the new fiscal year.

### Response:
Good afternoon everyone. It is a pleasure to see you all here today. We need to address the issue of budget cuts for the upcoming fiscal year.