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IRVINE : Airing of Tape Sought for Fund Crisis Forum

A group of activists is urging council members to air a 26-minute videotape of a July meeting during which the City Council voted 3 to 2 to borrow $64 million to invest in the county’s securities pool.

Stephen C. Smith, a former city budget analyst and aide to former Councilman Cameron Cosgrove, debated with council members Tuesday night over the merits of including the video in a special public meeting next week. Officials will discuss the city’s role in the investment pool during the public forum planned for 5:30 p.m. Tuesday.

“Why did the city put at risk an entire year’s worth of general fund revenues?” Smith asked council members Tuesday night. “The unedited tape is the public record of what happened and I think that we would all benefit from a review of those meetings, so we know who said what.”

Smith, who is not related to Councilman Greg Smith, obtained a videotape copy of the July 12 meeting in which council members discussed and voted on the investment proposal.

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The videotape will be played at 7:30 p.m. Wednesday at a Common Cause meeting at Irvine Ranch Water District headquarters in Irvine.


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