If it shall be determined by the committee that the funding in any of the accounts will be insufficient to meet the contracted obligations identified for the selected projects, the committee shall have discretion as to the remedial action it will take. Such actions may include, but shall not be limited to, termination of projects, reduction in funding to selected projects, and/or an across the board reduction in funding for all projects. Such action shall occur only after the committee holds a public hearing during which the affected parties may testify as to impacts of such actions.