IRVINE

Irvine’s investments in federal securities and money markets earned the city close to $10.4 million during the 1998-99 fiscal year, according to the treasurer’s annual report for fiscal year 1998-99. The report, which has been unanimously approved by the Investment Advisory and Finance Committee, will be reviewed by the City Council tonight. Following Irvine’s loss of more than $212 million in the county’s 1994 bankruptcy, the council drafted a more conservative investment policy. Still, Irvine’s current gains are expected to be partially offset by principal losses of $1.741 million. The city has recovered all but about $15 million it lost from the bankruptcy.