Irvine News Blog

City of Irvine

FOR IMMEDIATE RELEASE, PRESS RELEASE #14-06-25

Subject: City of Irvine has Paid Down $13 million of Unfunded Liability

Plan advances to pay off nearly entire debt in about 10 years; a Grand Jury report on topic

Contact : Craig Reem 949-724-6077 pio@cityofirvine.org

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→

OCFA Fail

From the OC Politics Blog

Irvine could receive discounts worth as much as $280 million after 17 years of overpaying the Orange County Fire Authority, according to a new proposal drafted to keep the city in the 24-member agency, as reported by the O.C. Register.

Irvine is overpaying for fire protection by at least $18.4 million – subsidizing the costs of other communities under a complex tax system that could cause the city to break with the Orange County Fire Authority. The city and OCFA don’t agree just how much Irvine is being overtaxed, with the Fire Authority calculating the overage at $18.4 million in 2010-11, while Irvine says it is closer to $35 million annually, according to the O.C. Register.

There are major potential problems that could impact the OCFA’s existence and maybe even lead to its termination, according to an inside source that tipped us off: Continue reading→

Tag Archives: Pensions

The City of Irvine has paid down $13 million of its unfunded liability

Could Irvine pull-out from the OCFA mean huge cost savings for all of us?