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<br />B. The actions listed in phases 1 through 3 are short-tenn in nature. In the event the <br />underlying economic situation is expected to last for consecutive years, more pennanent <br />actions, such as phases 4 and 5. will be taken. <br /> <br />C. Staff will apprise City Council at the regular City Council meeting: immediatelv <br />follo\ving any action taken throug:h this plan. Information such as underlying economic <br />condition. economic indicators. estimated budgetary sales tax revenue sh0l1fall, actions <br />taken. and expected duration will be presented to City Council. <br /> <br />D. The Citv Council mav appropriate fund balaI1Ce as needed to cover any estimated <br />budgetary sales tax revenue shortfalL Appropriation of fund balance must be carefully <br />weighted and long-term budlletary impacts must be considered in conlunction with the <br />prolected length of the economic downturn. <br /> <br />E. Actions taken through this plan must alwavs consider the impact on revenue generation. <br />Actions taken should reduce expenses ""\Tell in excess of resulting revenue losses. <br /> <br />F. The following is a summarv of phase classifications and the con-esponding actions to be <br />taken. <br /> <br />1. ALERT: The estimated budgetarv sales ta,'{ revenue ShOlifall is less than <br />$200,000. or the estimaJed annual sales tax revenue is 1 % less than the adopted <br />budget. <br />a. <br />b. <br /> <br />Freeze newlv created positions. <br />Implement a time delay for hiring VaCaIlt positions. <br /> <br />2. MINOR: The estimated budgetary sales tax revenue shortfall is between $200.000 <br />and $300.000. or the estimated annual sales tax revenue is 2% less than the <br />adopted budget. <br />a. Implement a managed-hiring program for VaCaIlt positions. <br />b. Reduce the number oftemporarv workers. <br /> <br />City of San Marcos financial Policy - Revised April 2004 <br /> <br />Page 7 <br />