ANAHEIM : City’s Director of Finance to Retire

The city’s finance director, George Ferrone, will retire Friday from the position he has held since 1977, officials said this week.

Ferrone, who is paid $104,495 a year, oversaw the budgets for such major city facilities as Anaheim Stadium, the Convention Center and the city’s utility departments.

Ferrone was among those who recommended that the city borrow $95 million last year to invest in Orange County’s now-collapsed investment pool.

City Manager James D. Ruth said Ferrone’s retirement is not related to the investment failure, which forced Anaheim this spring to dig deep into its reserve funds to make scheduled debt payments.

“He just decided it was time after 18 years of public service,” Ruth said. “George has made a solid contribution to the city.”

Ferrone did not attend this week’s City Council meeting, where he was to be presented with a certificate honoring him for his years of service. When contacted this week, he would not comment on his retirement.

Anaheim spokesman Bret Colson said Ferrone will continue to work with the city to prepare its 1995-96 budget, due to be presented to the council next month.

Before coming to work for the city, Ferrone was vice president of financial affairs at Chapman University, vice president of finance for Richard L. Zweig Associates Inc., a management consulting supervisor for Ernst & Young, and controller of Lightcraft of California.

Ferrone was president of the California Society of Municipal Finance Officers in 1986 and was later honored with the organization’s Distinguished Service Award.