VALLEJO, Calif. -- Vallejo City Council members met into the early hours of Tuesday morning debating an emergency fiscal plan that promises a short-term reprieve from bankruptcy before finally voting to approve the budget resolution 5-2.

The resulting vote in favor of a fiscal emergency plan and a tentative labor settlement with police and fire unions at the end of the marathon special meeting on Monday night means that the city will not immediately file for Chapter 9 bankruptcy protection.

Mayor Osby Davis and city council members Erin Hannigan, Michael Wilson, Tom Bartee and Hermie Sunga voted in favor of the plan. Council members Stephanie Gomes and Joanne Schivley, who have both given vocal opposition to the emergency fiscal plan and the proposal to file for bankruptcy, voted against the plan.

The labor agreement must also be ratified by the unions later this week.

"This is not a cure, but stops the bleeding for a moment," explained Vallejo City Manager Joseph Tanner.

Tanner told the hundreds of residents gathered at the city council meeting Monday night he doesn't like either proposed solution, but that given the circumstances he is recommending passing the plan.

"I give it about a five-percent chance of working," said Tanner.

Officials are hoping these immediate changes are the best way to keep the city operating -- at least for the next four months.

The last-minute negotiated deals would rollback raises by 6.5 percent as well as eliminating 12 sworn police officer positions, closing 2 fire engine companies each day and eliminating 38 city positions. Additionally, all funding for community based organizations would be cut.

"I don't think there is enough in here to see us through June 30. And [that is the] part of it that bothers me the most: taking money from a redevelopment project area; taking money from a transportation fund that has historically operated in the red," said council member Schively.

Bus and ferry service funding would take a hit under the plan. And, in more bad news for public transit riders, on Monday night there was talk of fares going up regardless of what action the city takes.

Without the agreement, Vallejo officials say the city could have run out of money to pay its employees by the end of the month.