pare down (someone's) expectations

Translations
уменьшить (чьи-то) ожидания
After the budget cuts, we had to pare down our expectations for the project.
После сокращения бюджета, нам пришлось уменьшить наши ожидания от проекта.
Definitions
To reduce or lower someone's hopes, ambitions, or anticipated outcomes, often to make them more realistic or manageable.