At current we are using the hard coded list of timezones ported from the perl codebase. We should look at using the java.util.TimeZone class to populate the drop down. To keep compatibility we could limit the list items using a lower and upper bound so it works with our current schema.
This bug will not be fixed in this release.
*** This bug has been marked as a duplicate of 145707 ***
Changed to 'CLOSED' state since 'RESOLVED' has been deprecated.