IRVINE : Investment Report to Be Released Today

A comprehensive, 594-page report on the role of top city officials in connection with the county investment pool will be made public today.

But a summary of the report’s findings, disclosed Tuesday night, places the blame for the city’s financial losses squarely on the shoulders of county officials.

“Nothing we have seen suggests that anyone connected with the city violated any laws,” said city bankruptcy attorney Jean Pierre Nogues, reading from a summary of the report. “It does not appear that any city policies were violated.

“It appears to us that all city personnel acted in good faith and did their best to discharge their duties and responsibilities.”

Council members voted unanimously during a closed-session review of the report Tuesday to make it available to the public today. Several copies of the report will available at the city’s two public libraries and at City Hall for public viewing. Copies can be ordered from the city clerk’s office for $24.67.

The report was compiled by the West Los Angeles law firm of Mitchell, Silberberg & Knupp, which is representing the city in connection with the county bankruptcy.

Despite repeated public criticisms from community members who have accused city finance officials of failing to properly monitor the city’s $208-million investment in the county pool, Nogues said the report concludes that Irvine was “more diligent” than most cities in tracking its investments.

“If Irvine is guilty of anything, it is that it believed the answers given to it by the county treasurer,” Nogues said.

Council members did not comment on the report, but will review the findings at their next meeting at 4:30 p.m. April 11.