Chaos might ensue in Orange County as the Treasurer has indicated her descire to change her decisive vote regarding the amortization schedule for the County’s retirement system debt. Originally, Treasurer-Tax Collector Shari Freidenrich voted against a plan that would shorten the amortization period and pay off the unfunded liability sooner, but now would like to approve that plan.

Her original vote upset Republicans and the County’s fiscal hawks, but her decision to change her vote has now brought her into the crosshairs of the County’s labor unions.

Republicans protested what they described as her kicking the can down the road. Re-amortizing debt frequently prevents the debt from ever being settled. So when she claimed that she was trying to protect County budgets – since a yes vote on the plan would require member agencies to contribute more to the system immediately – they called foul. A lobbying campaign then commenced to change her mind.

Apparently it worked. At a recent meeting, Friedenrich said she would like to change her vote and support the early amortization.

That outraged the labor unions, who say that she is caving to Republican pressure and abandoning her fiduciary duties. They’ve called for an official investigation.

Read the full story at the Voice of OC.