LAS VEGAS -- The Las Vegas City Council, facing a May deadline to finalize its budget, is holding a special meeting Wednesday morning to discuss possible cuts.

A $70 million shortfall is predicted for the Fiscal Year 2011 and city leaders have warned that layoffs are likely unless employees agree to an 8 percent pay cut.

“If they take an 8 percent reduction in salary, then nobody's going to lose their job,” Mayor Oscar Goodman said last month.

An estimated 171 workers would be affected by the cuts and 44 positions would go unfilled.