IRVINE : Council Delays Review of Its Fiscal Actions

Discussion of a long-awaited report on the city’s actions in connection with the failed county investment pool was delayed until April 25 after this week’s City Council meeting ran into the wee hours of the morning.

It was about 1:20 a.m. Wednesday by the time the City Council reached the last agenda item during a meeting that began at 4:30 p.m. the previous day. The last item was a review of a 594-page report compiled by the West Los Angeles law firm of Mitchell, Silberberg & Knupp on the actions of city officials in connection with the county investment pool.

“This is a document that is important to the public,” said Councilwoman Christina L. Shea as the council prepared to review the report. “We spent many, many months putting it together and waiting for it. I don’t see who the heck is even going to see this at 1:20 in the morning.”

About a dozen community members who had waited through the nine-hour meeting to hear the review of the report expressed no opposition to a delay.

A summary issued with the report clears city officials of any violation of law or city policy in connection with the county investment pool.

But Shea has raised concerns about an after-the-fact notification by the city Finance Department of a $319,000 increase in the cost of an interest-rate cap. She said she believes the increased cost, if reported earlier, might have persuaded council members to rescind prior approval of a plan to borrow $62 million to make an additional investment in the county pool.

The decision in July by Mayor Michael Ward and council members Barry J. Hammond and Paula Werner to approve the borrowing plan is the focus of criticism by residents seeking to remove them from office. Council members Shea and Greg Smith voted against the plan.