City of Irvine
FOR IMMEDIATE RELEASE, PRESS RELEASE #14-06-25
Plan advances to pay off nearly entire debt in about 10 years; a Grand Jury report on topic
Contact : Craig Reem 949-724-6077 email@example.com
IRVINE, CA (June 25, 2014): The Orange County Grand Jury today released a report that tasks Orange County cities with more transparency in telling their story of unfunded liability numbers and plans for payoffs.
The City of Irvine is well poised to respond to the Grand Jury. In June 2013, the Irvine City Council addressed the pension liability issues and adopted an unprecedented plan to aggressively pay it down. By utilizing a special fund intended for infrastructure rehabilitation (the Asset Management Plan), the City has been able to pay down $13 million of its unfunded liability in the first year and will replenish the fund with savings. Continue reading