I’m having a similar (if not the same) problem:
WP 3.9.3
GCE 2.2.1
Calendar address:
a97stls01gftpi36pkenlq7qrge1q0eg@import.calendar.google.com
The originating (read-only) calendar feed:
http://ithacacity.tandemcal.com/index.php?type=export&action=ical&search_input=caroline&export_type=now_to_infinity&schools=4&limit=none&date_start=2014-09-07&page=2
I simply subscribe to that calendar in Google Calendar and share it via the calendar address above.
I was able to resolve it by:
making the feed private
removing it from all pages (and sidebar) where it was appearing
making the feed public
adding it back to the locations where it was displaying
I’m not sure which of the above triggered the correction, but the events are now displaying the correct time.
