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A summary of the tentative budget cuts and cost saving measures by qxpenditure t for 2003 is <br />as follows: <br />The total shown in the above table represents the impact on an annual basis. Absent further <br />reductions, one -time use of reserves will be needed in fiscal 2003 to accommodate a hosed -in <br />approach to the budget reductions. It is projected that as touch as $500,000 in reserves will be <br />needed to phase in these cuts this year and to fund the workforce reduction plan. This plan is <br />detailed below. <br />Some programs and departments such as Community Development, water} Sewer, etc., are <br />supported by fees ( as opposed to taxes and state -aids) and therefore are net included in the <br />budget reductions noted alcove. <br />In addition to the proposed budget reductions listed above, Council may want to consider <br />reductions in other areas, such as: city contributions for civic and community -based groups, <br />citywide memberships/partnerships, and city commemorative events. <br />Workforce Reduction Plan - Proposed <br />To provide for a reduction in the City }s overall workforce, Staff proposes to Implement several <br />workforce reduction programs. These include: <br />1) Early Retirement <br />a) The City would offer incentives for employees nearing retirement, whereby the <br />employee agrees to retire earlier in exchange for three (3) months severance pay, <br />and twelve (12) months health dental coverage. <br />b) Employees effecting early retirement would receive a payout of their earned <br />vacation and compensatory time in addition to the incentives noted above. <br />c) A window of opportunity would be established, probably thirty (30) days. <br />2 ) Voluntary Reductionin Workforce <br />a) The City would offer incentives for employees through a severan6e <br />agreement/contract whereby the employee agrees to voluntarily resign in <br />