Agenda packet — Visalia City Council, March 20, 2023 (part 1 of 2)

Visalia City Council
707 W. Acequia
Visalia, CA 93291
Visalia City Council
City Council
Meeting Agenda - Final
Mayor Brian Poochigian
Vice Mayor Brett Taylor
Council Member Steve Nelsen
Council Member Emmanuel Hernandez Soto
Council Member Liz Wynn
City Council Chambers7:00 PMMonday, March 20, 2023

ROLL CALL

CALL TO ORDER WORK SESSION - NO WORK SESSION SCHEDULED

PUBLIC COMMENTS
Citizens are now invited to comment on issues within the jurisdiction of the Visalia City Council. The Council asks that you keep your comments concise and positive. Creative criticism, presented with appropriate courtesy, is welcome.

Each speaker will be allowed three minutes and a timer will notify you when your time is expired. Please begin your comments by stating and spelling your name and providing your city of residence.

WORK SESSION AND ACTION ITEMS (as described) - NO WORK SESSION

SCHEDULED
ADJOURN TO CLOSED SESSION - 6:00 PM (Or, immediately following Work Session)
CALL TO ORDER REGULAR SESSION - 7:00 PM

PLEDGE OF ALLEGIANCE

INVOCATION

ITEMS OF INTEREST
SPECIAL RECOGNITION - Jennah Creason

PUBLIC COMMENTS

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1 City Council Meeting Agenda - Final March 20, 2023
This is the time for citizens to comment on subject matters that are not on the agenda and within the jurisdiction of the Visalia City Council. The Council asks that you keep your comments brief and positive. Creative criticism, presented with appropriate courtesy, is welcome.

This is also the time for citizens to request an item from the Consent Calendar be pulled for discussion purposes. Public comments related to all pulled Consent Calendar items and Regular or Public Hearing items listed on the agenda will be heard at the time that item is discussed or when the Public Hearing is opened.

Each speaker will be allowed three minutes, and a timer will notify you when your time is expired. Please begin your comments by stating and spelling your name and providing your city of residence.

CONSENT CALENDAR
Consent Calendar items are considered routine and will be enacted in one motion. There will be no separate discussion of these matters unless a request is made and then the item will be removed from the Consent Calendar to be discussed and voted upon by a separate motion.

1. Authorization to read ordinances by title only. 23-0108

2. Consideration of a mural application request from Visalia Veterans Mural Restoration Foundation, Inc. for one temporary banner proposed on the west face of a block wall that holds the World War II Greatest Generation mural, located at 6320 South Mooney Boulevard.
23-0065

3. Accept the City of Visalia Cash and Investment Report for the second quarter of the fiscal year which consists of months October, November, and December 2022.
23-0094

4. Acceptance of the 2022 Housing Element Annual Progress Report (APR).
23-0085

5. Consider reauthorization of Stage 2 of the Visalia Water Conservation Ordinance and adopt resolution 2023-06.
23-0098

6. Authorize the City Manager to: 1) Enter into a contract with Don Berry Construction to furnish and install a video detection system at the intersection of Plaza Drive and Riggin Avenue for a not to exceed amount of $75,000, and appropriate $75,000 from the Measure R Local Fund (Fund 131), 2) Appropriate $55,000 from the General Fund (Fund 001), purchase video detection equipment to replace damaged video detection equipment at the intersection of Akers Street and Riggin Avenue, and the purchase of a spare video detection system for future replacement of any damaged or failing video detection equipment in the future. 23-0071

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2 City Council Meeting Agenda - Final March 20, 2023

7. Authorize the City Manager to award RFB No. 22-23-42 for property abatement of developed properties throughout the City of Visalia to Joe Grijalva Landscaping in the amount not to exceed $210,000 annually.
23-0086

8. Authorize the City Manager to execute a new contract with Kings Petroleum, LLC for the supply and delivery of petroleum products.

This contract will be for one year, with 4 optional one-year renewals, and an annual not to exceed amount of $1,500,000. 23-0089

REGULAR ITEMS AND PUBLIC HEARINGS
Comments related to regular Items and Public Hearing Items are limited to three minutes per speaker, for a maximum of 30 minutes per item. The Mayor may reasonably limit or extend the public comment period to preserve the Council's interest in conducting efficient, orderly meetings.

1. First reading of the Ordinance 2023-03 new Visalia Municipal Code Section 9.24.060 to be added to the City of Visalia Municipal Code establishing regulations prohibiting the unlawful possession of a catalytic converter in the City of Visalia.
23-0078

2. Approve Resolution 2023-05 to ratify the Proclamation of Local Emergency that was declared on March 13, 2023, due to the threatened existence of conditions of extreme peril to the safety of persons and property within said city caused by excessive past and expected rainfall and snowfall, resulting in uncontrolled waters coming from local rivers and streams.
23-0103

CLOSED SESSION REPORT - NONE

ADJOURNMENT

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3 City Council Meeting Agenda - Final March 20, 2023

1. UPCOMING CITY COUNCIL MEETINGS:

Thursday, March 23, 2023 @ 6:00 p.m., Special Joint Meeting w/ VUSD and COS, 915 S. Mooney, Porter Field House.

Monday, April 03, 2023 @ 7:00 p.m., 707 W. Acequia.

Monday, April 17, 2023 @ 7:00 p.m., 707 W. Acequia.

Note: Meeting dates/times are subject to change, check posted agenda for correct details.

In Compliance with the American Disabilities Act, if you need special assistance to participate in meetings call (559) 713-4512 48-hours in advance of the meeting. For Hearing Impaired - Call (559) 713-4900 (TTY) 48-hours in advance of the scheduled meeting time to request signing services.

Any written materials relating to an item on this agenda submitted to the Council after distribution of the agenda are available for public inspection in the Office of the City Clerk, 220 N. Santa Fe Street, Visalia CA 93292, during normal business hours. 23-0084

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4 Visalia City Council
Staff Report
Visalia City Council
707 W. Acequia
Visalia, CA 93291
File #: 23-0108 Agenda Date: 3/20/2023 Agenda #: 1.

Agenda Item Wording:

Authorization to read ordinances by title only.

Visalia City Council Printed on 3/17/2023Page 1 of 1
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5 Visalia City Council
Staff Report
Visalia City Council
707 W. Acequia
Visalia, CA 93291
File #: 23-0065 Agenda Date: 3/20/2023 Agenda #: 2.

Agenda Item Wording:

Consideration of a mural application request from Visalia Veterans Mural Restoration Foundation, Inc. for one temporary banner proposed on the west face of a block wall that holds the World War II Greatest Generation mural, located at 6320 South Mooney Boulevard.

Deadline for Action: 3/6/2023
Submitting Department: Community Development
Contact Name and Phone Number:

Brandon Smith, Principal Planner, (559) 713-4636, [email protected] <mailto:[email protected]>; Paul Bernal, Community Development Director, (559)713- 4025, [email protected]
Department Recommendation:

Staff recommends, based on the recommendation of the Mural Panel, that this application for the temporary banner related to the World War II Greatest Generation mural, located at 6320 South Mooney Boulevard, be approved with the image proposed by the applicant (see Attachment 2).

Background Discussion:

The City of Visalia received a mural application (see Attachment 1) on February 21, 2023, from the Visalia Veterans Mural Restoration Foundation, Inc. for a temporary banner to be affixed on the block wall that holds the World War II Greatest Generation mural, located at 6320 South Mooney Boulevard.

The original mural was approved by the City Council in 2005, and was installed in 2006, and consists of thirty-six 4-foot by 8-foot panels (overall dimensions: 72-ft. wide x 20-ft. tall) painted by artist Glen Hill. Sixteen years later, the mural panels have suffered excessive wear, tear, and fading due to the sun and outdoor elements. In addition, the hardware that affixed the panels to the wall has disintegrated, which has caused some of the panels to fall off the wall and be put into storage. The applicant is currently working with the artist, who now lives out of state, to have the panels professionally restored. Further details regarding the mural’s condition and restoration are in Attachment 4. The target date for completing restoration is November 28, 2023.

In the interim period, a banner measuring 70-feet wide x 18-feet tall would be placed on the wall.

Most of the banner will contain an exact replica of the original image with a tan or light contrasting color border, and the bottom of the mural will contain 2- to 3-foot-tall lettering that provides the mural status and donation information. The banner will be fabricated by a local sign & screen-printing company, made of a durable and weather resistant vinyl, and will be anchored directly onto the existing block wall.

A reduced-size sketch of the banner was submitted as Attachment 2. The message to be placed on the bottom of the mural would read as follows:
“The World War II Greatest Generation Mural is currently under renovation and will return in Fall Visalia City Council Printed on 3/17/2023Page 1 of 3
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of 2023.”
Donations can be sent to the Visalia Veterans Mural Restoration Find Inc. at P.O. Box 1291, Visalia, CA 93279. Please support the mural.

A press release page that profiles the original artist, Glen Hill, was also submitted as Attachment 3.

The George Family Trust is the property owner of the site and has given permission to the applicant to proceed with filing an application on their property. The property owner has given a deadline of November 28, 2023, for the restoration work to be completed. The applicant has recently become a 501(c)(3) organization in order to raise the funding necessary for the restoration of the mural.

Mural Agreement:

Staff is not imposing the mural agreement upon this banner, since the banner is being placed as a substitution over the existing mural location and since the mural does not contain any new or revised artwork, only some additional wording.

Mural Panel Review:

In accordance with the City’s Mural Guidelines and Procedures, the Mural Panel consisting of a representative from the Arts Consortium (Ampelio Mejia Perez), Arts Visalia (Alison Schlick Miniaci), and a mayoral appointment (Walter Deissler) convened to review the application. The purpose of the Panel is to assure compliance with local ordinances and the mural guidelines and to determine whether the artist has the ability to produce a quality piece of art. Due to the short timeline associated with the temporary email, the Mural Panel reviewed the proposed temporary mural via e-mail.

It should be noted however that this banner will contain no new or revised artwork, as the image would be an exact copy of the original mural approved by City Council in 2005. The only new components to the banner would be the border and lettering. The mural process affords the applicant the ability to display an oversized banner (i.e., 1,260 square feet) for a period of up to one year, given that the City’s Sign Ordnance only authorizes a maximum banner size of 32 square feet.

The Panel was not opposed to the displaying of the banner for about one year. There was preference for the banner to remain up for no more than one year, since that should be adequate time for the message to be displayed. One panel member did question whether allowing a banner with an advertisement for donation could be setting up an undesirable precedence.

Fiscal Impact:

No fiscal impact to the City. The applicant is responsible for the installation, maintenance, and removal of the banner as well as the mural.

Prior Council Action:

On May 2, 2005, the City Council approved the site location for the mural. On November 30, 2004, the City Council accepted the content of the mural without approving the site location.

Other: None.

Alternatives: None.

Recommended Motion (and Alternative Motions if expected):

I move to approve the mural application for a temporary banner related to the World War II Greatest Generation mural, located at 6320 South Mooney Boulevard, be approved with the image proposed Visalia City Council Printed on 3/17/2023Page 2 of 3
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Generation mural, located at 6320 South Mooney Boulevard, be approved with the image proposed by the applicant (see Attachment 2).

Environmental Assessment Status:

The mural is considered Categorically Exempt under Section 15311 of the Guidelines for the Implementation of the California Environmental Quality Act (CEQA), as amended, due to the project being a placement of minor structure accessory to existing facilities including but not limited to signs CEQA Review:

Attachment 1: Application.

Attachment 2: Rendering.

Attachment 3: Press release.

Attachment 4: Details of the mural’s condition and restoration.

Attachment 5: Elevation of wall.

Attachment 6: Mural Guidelines
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16 March 2020 Google Street View image
September 2022 Google Street View image
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CITY OF VISALIA

MURAL GUIDELINES AND PROCEDURES

INTRODUCTION:

Murals are considered signs and, as such, are governed by the City’s sign ordinance found in Chapter 17.48 of the Visalia Municipal Code (“VMC”). Murals require the issuance of a permit fro m the City pursuant to VMC §17.48.030. Murals which are non-commercial, contain no advertising copy and which do not function as an advertisement are allowed, subject to review by the Mural Panel and final approval by the City Council (VMC §17.48.040(S).). These guidelines are provided to assist mural applicants through the process prior to presentation to City Council.

PURPOSE: To define the process used by groups or individuals (“applicants”) who desire to install murals in Visalia public places. T he City of Visalia understands the importance of art in public places and the role that murals play in preserving our culture, conveying the history of our community, beautifying the city and advancing the arts. These guidelines will provide direction to applicants wishing to install murals in public places.

DEFINITIONS:

“Parks Commission” means the Visalia Parks and Recreation Commission which is responsible for City of Visalia Parks.

“Planning Commission” means that Visalia Planning Commission resp onsible for approving variances in the sign ordinance.

“Public places” means places within the City limits of Visalia, which are visible to the public.

“Commercial” means words or images used elsewhere in the marketplace for the purpose of promoting a particular business, product, service, cause, place or brand.

“Commercial Element” means art that by virtue of its location or proximity to a business may serve a minimal commercial purpose. If that art were in a different location, it would be considered pure art and not commercial in nature.

“Mural” means a sign as defined in VMC Chapter 17.48. It is also generally described as a picture or representation, in any type of medium, on an exterior surface of a building, structure, fence or garden wall.

“Mural Panel” means a group of individuals approved by the City Manager to review applications to place murals in public places prior to presentation to Council. Mural Panel will be comprised of one (1) representative from the Arts Consortium, one (1) representative from Arts Visalia, and one (1) representative appointed by the Mayor.

In all cases, the person appointed should have no involvement/conflict of interest with the mural under consideration. The representatives will be appointed by the Chair of these organizations and the Mayor upon the receipt of a Mural Application.

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“Preliminary Approval” means the application has been accepted, found to be in good order and complete and the proposed mural is deemed appropriate by the mural panel.

GENERAL GUIDELINES:

1. The emphasis of the murals will be on “artistic expression” and m ust not include an advertisement or be commercial in nature. This will in no way limit or restrict the artist’s right to include speech and /or artistic expression in a mural that is not commercial as defined above . All murals must comply with City ordinances that prohibit indecency or obscenity in public.

2. Murals shall not contain copy, lettering, symbols or references directly to the promotion of any product, business, brand, organization, service, cause or place. Murals may contain limited commercial elements so long as they are not considered commercial speech with the purpose of promoting a commercial transaction. For those mural applications that may contain limited commercial elements, the Mural Panel will ask the question – “If the business on which the mural is located were to move, would the mural still be good quality art and something the community would want to remain? ” If so, the mural is not considered commercial speech or advertisement but rather pure art.

3. Murals shall not be merely an extension or enlargement of a sign. If the theme of the mural is to promote a business, brand, organization, service, cause or place, it shall meet all requirements of the City of Vi salia sign ordinance. If the proposed mural is determined to be commercial in nature and is therefore deemed by the Mural Panel to be a form of advertisement, the Mural Application will be referred to the City of Visalia Planning Department for a variance in the sign ordinance. That application will then follow their process for review and approval.

4. Not more than 1% of the mural will contain the name of a sponsor and/or sponsor product likeness. The artist’s signature shall not be more than 1% of the mural.

5. Temporary Murals will receive, as is reasonably practicable, expedited review by the Mural Panel. Temporary murals shall be required to comply with the provisions of these guidelines, and will be removed no later than one year after completed. After one year, if there is a desire for the mural to remain in place, the owner will resubmit a mural application and follow the standard process as outlined herein.

6. Mural artists will be required to demonstrate their ability and experience to create high qu ality, well design ed and well executed murals and/or art. The artist must provide the Mural Panel a portfolio of work that is reflective of the style of the proposed mural. This will be used to help determine whether the artist will be able to uphold the standards for quality art with in the City of Visalia. For those artists without a portfolio of work , the Mural Panel will consider other presented forms of art that demonstrate an ability to create a quality mural.

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7. New murals erected without receiving p roper approval and that did not go through the Mural Application and Approval Process, will be required to retroactively go through the Process. Property owners will have 30 days after receiving notification to submit a mural application after which the m ural will be deemed a sign and subject to all permitting requirements of VMC 17.48. The retroactive mural applications will be required to comply wi th all Mural Guidelines and must receive City Council approval. Murals that fail to be approved will be removed within 30 days after the denial at the property owners expense.

APPLICATION AND APPROVAL PROCESS:

STEP 1: Muralist(s) must obtain an application from the Community Development Department office at 315 E. Acequia Ave. or online at www.visalia.city. The time required to process a mural application will vary but will be a maximum of 90 days from application submittal. The application will provide information to the City regarding location, size, concept and content of the mural, type of paint/medi a, owner of the building where the mural will be located, artist(s), dates of application, individuals who will be responsible for maintenance . The application must be signed by the individual/group proposing to place the mural, as well as the property owner where the mural will be placed and submitted to the City Manager or his/her designee along with a 1:12 scale [1”=1 ft. -0”] sketch, rendering or photo of the proposed mural.

STEP 2: The application and mural rendering must be reviewed and approved by the Mural Panel and the owner of the property where the mural is proposed to be placed. The review will be conducted to assure compliance with local ordinances and regulations, these guidelines, and the ability of the artist(s) proposing the mural to pro duce a quality mural. If the mural receives preliminary approval, it will move forward in the process.

Any mural that is to be installed in or on a community center or park, except Convention Center, must, in addition to review by the Mural Panel, be reviewed by the Parks Commission prior to submission to the Visalia City Council for final approval.

STEP 3: After receiving preliminary approval, the artist will then be required to provide for review their portfolio of work that is refle ctive of the prop osed mural. The Mural Panel will use the portfolio of work to help determine whether the artist has the technical skill and ability to produce a quality mural within the City of Visalia. If the artist is unable to provide a portfolio of work, at a minimum , the artist will be required to provide evidence of artistic talent that satisfies the Mural Panel as to the skill and ability of the artist to create a mural that is of good quality.

STEP 4: After review and acceptance of the artist’s body of work, the Mural Panel will make a recommendation to the City Council for appr oval of the mural application which is the final approval step.

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MURAL AGREEMENT:

Following approval by the Mural Panel , whether the mural will be placed on public or private property, the property owner and applicant(s) will be required to provide to the City Manager, or his/her designee, evidence of a proposed agreement which identifies the terms and conditions under which the mural will be applied. These terms and conditions include, but are not limited to:

A. Specifications regarding the mural (location, size, concept and content of the mural, type of paint/media);
B. Application for Encroachment Permit if necessary;
C. Identification of ownership of the mural image and use thereof; D. Expected timeframe for completion;
E. Long term mural maintenance;
F. Circumstances under which the mural may be removed by the City and/or property owner (i.e. lack of maintenance or in disrepair);
G. Proof of Liability Insurance;
H. Landscape removal and replacement or protection, if any;

The proposed agreement will be provided to the Mural Panel and will be submitted to City Council along with the recommendation of the Mural Panel and, if necessary, the Park Commission.

APPEAL TO CITY COUNCIL:

In the event the Mural Panel and/or the Park Commission determines the proposed mural does not comply with the parameters of these guidelines or other City ordinances and regulations, and therefore determines to withhold its approval, applicant(s) may apply for a variance as au thorized by VMC section 17.48.040(P) and outlined in VMC section 17.48.110.

FINAL INSPECTION AND ACCEPTANCE:

The City reserves the right to inspect the mural during installation and upon completion to ensure that the final product is in compliance with the approved mural application. Should it be found that the mural is not in compliance, the artist and property owner will be notified and given 30 days to remedy the situation. Should the property owner and/or artist fail to make the necessary corrections, the mural will be deemed out of compliance and will be removed at the expense of the property owner and/or artist.

Revised 3-05-14

21 Visalia City Council
Staff Report
Visalia City Council
707 W. Acequia
Visalia, CA 93291
File #: 23-0094 Agenda Date: 3/20/2023 Agenda #: 3.

Agenda Item Wording:

Accept the City of Visalia Cash and Investment Report for the second quarter of the fiscal year which consists of months October, November, and December 2022.

Deadline for Action: 3/20/2023
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Jason Montgomery, 4425
Department Recommendation:

Staff recommends that Council accept the City of Visalia Cash and Investment Report for the second quarter of the fiscal year which consists of months October, November, and December 2022.

Background Discussion:

The City accumulates significant cash assets before they are spent on a variety of governmental operations. For example, several large capital projects have accumulated substantial cash as they approach the start of the projects in the near future, or in some cases, have already begun. Some of these projects are the downtown street light project, cape seal of various streets and the major rehab of Caldwell Avenue from Akers to Shady and Santa Fe to Lovers Lane.

Some examples of large projects that cash has been accumulated for that have not started are the Civic Center Phase 2 project, and any potential mandated upgrades to the Water Reclamation Facility.

The quarterly investment report is intended to inform the City Council and community about the status of City investments, and holds staff accountable for the investment and management of these funds.

City Investment Policy
The City’s investments are diversified by the various maturities and credit types which are allowed under the City’s Investment Policy and California Government Code Section 53600 et seq. It is the policy of the City to invest public funds in a manner which will provide the greatest security with the maximum investment return while meeting the daily cash flow demands of the City and conforming to all state and local statutes governing the investment of public funds.

The City continues to be conservative and prudent with the investment objectives, which in order of priority is safety, liquidity, and yield, while maintaining compliance with federal, state, and local laws and regulations. These investments will enable the City to meet expenditure requirements for the next six months, as required by state law.

Economic Outlook
At December 31, 2022, the national unemployment rate was at 3.5%. The Consumer Price Index was at 6.50%, a decrease from the September 2022 rate of 8.20%. More currently, at its February 1, 2023 meeting, the Federal Open Market Committee (FOMC) raised the Federal Funds Rate (the rate at which institutions borrow and lend overnight funds to each other) by 25 basis points to the current range of 4.50% to 4.75%, its highest level in 15 years, indicating Visalia City Council Printed on 3/17/2023Page 1 of 4
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that they are continuing to try and lower inflation.

Movements of the Federal Funds Rate are closely linked to Treasury Security rates; as the Federal Funds Rate increases, typically so do Treasury Security rates. Treasury Securities are investments that the City can purchase and are key benchmarks for other financial assets that the City can purchase (i.e.: Federal Agency’s). Table I shows the rate comparison of the Federal Funds Rate and short term Treasury Securities between the first and second quarter of the fiscal year as well as the current rates. Rates have continued to increase across shorter-term maturities, however, have remained lower in the longer maturity ranges as fears of a recession mount. The City has continued to remain laddered across all maturities.

September 2022
(1st Quarter-FY22/23)
December 2022
(2cnd Quarter-FY22/23)
March 8, 2023
(Current)
Federal Funds Rate 3.00% - 3.25% 4.25% - 4.50% 4.50% - 4.75% 6 month Treasury 3.90% 4.75% 5.26%
1 year Treasury 3.93% 4.69% 5.22%
2 year Treasury 4.28% 4.43% 5.06%
3 year Treasury 4.29% 4.22% 4.73%
4 year Treasury 4.19% 4.11% 4.53%
5 year Treasury 4.09% 4.00% 4.33%
Table I
Portfolio Performance
The December 31, 2022 investment portfolio managed balance was $480,990,753.

The earnings rate as of December 31, 2022 was 1.93%. Key benchmarks and performance statistics for the City’s portfolio are shown in Table II, Managed Portfolio Performance Statistics.

Table II: Managed Portfolio Performance Statistics (dollars in millions) Quarter Ending Portfolio Balance
City Monthly
Portfolio Rate

LAIF & CAMP
Balance LAIF Rate
2 YR
Treasury
Weighted Average
Maturity (WAM)
September 2022 $461.1 1.53% $67.9 1.29% 4.28% 603 Days
December 2022 $481.0 1.93% $71.3 1.98% 4.43% 582 Days
Fiscal Year Average
2022/2023 $465.3 1.62% 1.53%
The following Charts I and II show the portfolio ladder and distribution as of December 31, 2022. The portfolio ladder (Chart I - Maturity Ladder) shows our investments based on when they are to mature (ie. 1 year and under, 1-2 years, 2- 3 years, etc…). The City invests in different maturity dates to take advantage of different earnings rates (usually the longer the maturity, the higher the earning rate) as well as to spread out maturities so that the proceeds are reinvested at regular intervals. In addition, the City will keep funds needed for operating costs in short term maturities, while investing funds in longer term maturities for those funds that are not yet needed (future projects). Chart II - Maturity Distribution shows what percent each maturity level is of the total investment portfolio.

Chart I
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Maturity Ladder
· Note: Percent above each bar represents the average interest earnings rate for that maturity level Chart II
Maturity Distribution
Table III: 2cnd Quarter Investment Activity, shows investment activity for the quarter (October 2022 - December 2022).

Table III: 2cnd Quarter Investment Activity

TYPE YIELD COUPON AMOUNT MATURITY DATE

PURCHASE
DATE
Maturities
CA ST Muni 2.78% 2.50% 2,000,000 10/01/2022 02/06/2018 CA ST Muni 0.95% 2.50% 2,250,000 10/01/2022 04/30/2020 Federal National Mortgage Assn. Agency 2.03% 2.00% 2,000,000 10/05/2022 11/06/2017 Toyota Motor Credit Corp. Corporate0.18% 0.35% 3,000,000 10/14/2022 12/21/2020 Federal Farm Credit Agency 0.16% 0.16% 3,000,000 10/13/2022 12/02/2020 Federal Farm Credit Agency 2.34% 2.33% 2,000,000 10/18/2022 04/24/2019 CA ST Muni 0.25% 3.00% 3,000,000 11/01/2022 11/03/2020 Federal Home Loan Bank Agency 2.21% 2.50% 2,000,000 12/09/2022 12/15/2017 Federal Home Loan Bank Agency 2.64% 3.00% 2,000,000 12/09/2022 01/30/2019 21,250,000
Purchases
CA ST Muni 4.50% 3.00% 3,000,000 04/01/2024 10/25/2022 Bay Area Toll Authority Muni 4.70% 2.33% 3,000,000 04/01/2025 10/25/2022 Bay Area Toll Authority Muni 4.90% 2.43% 2,405,000 04/01/2026 10/25/2022 Federal Home Loan Bank Agency 4.83% 4.50% 2,000,000 10/03/2024 11/04/2022 Federal Home Loan Bank Agency 4.83% 4.63% 2,000,000 12/13/2024 11/04/2022 Federal Farm Credit Agency 4.68% 4.50% 2,000,000 07/27/2026 11/04/2022 CA ST Muni 4.72% 5.50% 3,000,000 10/01/2024 11/17/2022 CA ST Muni 4.74% 5.50% 3,000,000 10/01/2025 11/17/2022 Federal Home Loan Bank Agency 4.22% 4.50% 2,000,000 12/12/2025 12/28/2022 Federal Farm Credit Agency 4.07% 3.88% 2,000,000 12/23/2026 12/28/2022 Federal Farm Credit Agency 4.00% 3.75% 2,000,000 12/22/2027 12/28/2022 Federal Home Loan Bank Agency 4.03% 4.25% 2,000,000 12/10/2027 12/29/2022 Toyota Motor Credit Corp. Corporate4.70% 4.55% 2,000,000 09/20/2027 12/29/2022 Federal Home Loan Bank Agency 4.79% 4.75% 3,000,000 03/08/2024 12/29/2022 Federal Home Loan Bank Agency 4.72% 4.88% 3,000,000 06/14/2024 12/29/2022 36,405,000
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TYPE YIELD COUPON AMOUNT MATURITY DATE

PURCHASE
DATE
Maturities
CA ST Muni 2.78% 2.50% 2,000,000 10/01/2022 02/06/2018 CA ST Muni 0.95% 2.50% 2,250,000 10/01/2022 04/30/2020 Federal National Mortgage Assn. Agency 2.03% 2.00% 2,000,000 10/05/2022 11/06/2017 Toyota Motor Credit Corp. Corporate0.18% 0.35% 3,000,000 10/14/2022 12/21/2020 Federal Farm Credit Agency 0.16% 0.16% 3,000,000 10/13/2022 12/02/2020 Federal Farm Credit Agency 2.34% 2.33% 2,000,000 10/18/2022 04/24/2019 CA ST Muni 0.25% 3.00% 3,000,000 11/01/2022 11/03/2020 Federal Home Loan Bank Agency 2.21% 2.50% 2,000,000 12/09/2022 12/15/2017 Federal Home Loan Bank Agency 2.64% 3.00% 2,000,000 12/09/2022 01/30/2019 21,250,000
Purchases
CA ST Muni 4.50% 3.00% 3,000,000 04/01/2024 10/25/2022 Bay Area Toll Authority Muni 4.70% 2.33% 3,000,000 04/01/2025 10/25/2022 Bay Area Toll Authority Muni 4.90% 2.43% 2,405,000 04/01/2026 10/25/2022 Federal Home Loan Bank Agency 4.83% 4.50% 2,000,000 10/03/2024 11/04/2022 Federal Home Loan Bank Agency 4.83% 4.63% 2,000,000 12/13/2024 11/04/2022 Federal Farm Credit Agency 4.68% 4.50% 2,000,000 07/27/2026 11/04/2022 CA ST Muni 4.72% 5.50% 3,000,000 10/01/2024 11/17/2022 CA ST Muni 4.74% 5.50% 3,000,000 10/01/2025 11/17/2022 Federal Home Loan Bank Agency 4.22% 4.50% 2,000,000 12/12/2025 12/28/2022 Federal Farm Credit Agency 4.07% 3.88% 2,000,000 12/23/2026 12/28/2022 Federal Farm Credit Agency 4.00% 3.75% 2,000,000 12/22/2027 12/28/2022 Federal Home Loan Bank Agency 4.03% 4.25% 2,000,000 12/10/2027 12/29/2022 Toyota Motor Credit Corp. Corporate4.70% 4.55% 2,000,000 09/20/2027 12/29/2022 Federal Home Loan Bank Agency 4.79% 4.75% 3,000,000 03/08/2024 12/29/2022 Federal Home Loan Bank Agency 4.72% 4.88% 3,000,000 06/14/2024 12/29/2022 36,405,000
Fiscal Impact:
n/a
Prior Council Action: City of Visalia Cash and Investment Reports are reviewed and accepted quarterly.

Other: n/a
Alternatives: n/a
Recommended Motion (and Alternative Motions if expected):

Move to accept the City of Visalia Cash and Investment Report for the second quarter of the fiscal year which consist of months October, November, and December 2022.

Environmental Assessment Status: n/a
CEQA Review: n/a
Attachments: Attachment #1, City of Visalia Cash and Investment Summary Attachment #2, City of Visalia Investment Report by Maturity Date
Visalia City Council Printed on 3/17/2023Page 4 of 4
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25 Attachment #1

% of
Security Investments Par Value Book Value Market Value Portfolio Yield Medium-Term Corporate Bonds 88,275,000$ 85,504,379$ 84,266,661$ 17.52% Agency's 174,611,000 169,465,276 167,736,270 34.87% U.S. Treasury's 66,000,000 63,601,805 62,906,540 13.08% Municipal Bonds 100,345,000 95,946,366 94,501,606 19.65% Total Security Investments 429,231,000$ 414,517,826$ 409,411,077$ 85.12% Other Investments
Local Agency Investment Fund (LAIF) 23,074,434$ 23,074,434$ 23,074,434$ 4.80% Local Agency Investment Fund (LAIF) - COVID 29,531,161 29,531,161 29,531,161 6.14% California Asset Management Program (CAMP) 18,660,619 18,660,619 18,660,619 3.88% Local Bonds 313,462 313,462 313,462 0.07% Total Other Investments 71,579,676$ 71,579,676$ 71,579,676$ 14.88% Total Investments 500,810,676$ 486,097,502$ 480,990,753$ 100.0% 1.93% Cash with Fiscal Agents
US Bank 2014 COP (Convention Center Refinancing) 2$
US Bank 2015 COP (VECC Loan) 10,681
US Bank 2003 East Visalia RDA 293,479
US Bank - Custodial Account 3,706
Delta Dental (Dental Prefunding) 60,700
Keenan & Associates (Workers Comp Prefunding) 316,554
Total Cash with Fiscal Agents 685,122$
Cash in Banks and Other Cash
Citizens Business Bank (Sweep and Operating)-estimate 4,966,114$ Petty Cash - Various City Offices 10,950
Total Cash in Banks and Other Cash 4,977,064$
Total Cash and Investments 486,652,939$
City of Visalia
Cash and Investment Summary
Quarter Ended December 31, 2022
26 Attachment #2

Investments Type Par Value Book Value Market Value Coupon Yield % of
Portfolio Maturity
S&P/Moody's
Credit Rating
Days to
Maturity
U.S. Bank NA Corporate 3,000,000.00$ 2,984,550.00$ 2,998,710.00$ 1.95% 1.42% 0.62% 01/09/23 AA- 9 Bank of America Corporate 3,000,000.00$ 3,004,800.00$ 2,998,980.00$ 3.30% 2.00% 0.62% 01/11/23 A- 11 U.S. Treasury Treasury 2,000,000.00$ 1,987,500.00$ 1,998,540.00$ 1.50% 0.09% 0.42% 01/15/23 Aaa 15 Federal Farm Credit Agency 2,000,000.00$ 1,970,840.00$ 1,992,600.00$ 0.13% 1.65% 0.41% 02/03/23 AA+ 34 U.S. Treasury Treasury 2,000,000.00$ 1,992,340.00$ 1,994,580.00$ 2.00% 0.11% 0.41% 02/15/23 Aaa 46 U.S. Treasury Treasury 2,000,000.00$ 1,966,020.00$ 1,986,660.00$ 0.13% 0.15% 0.41% 02/28/23 Aaa 59 Caterpillar Financial Service Corporate 2,575,000.00$ 2,561,610.00$ 2,566,064.75$ 2.63% 0.55% 0.53% 03/01/23 A 60 Federal Home Loan Bank Agency 2,000,000.00$ 1,997,300.00$ 1,993,020.00$ 2.50% 2.71% 0.41% 03/10/23 AA+ 69 U.S. Treasury Treasury 2,000,000.00$ 1,968,900.00$ 1,984,760.00$ 0.50% 0.11% 0.41% 03/15/23 Aaa 74 Federal Farm Credit Agency 2,000,000.00$ 1,998,620.00$ 1,991,200.00$ 2.70% 2.72% 0.41% 04/11/23 AA+ 101 WalMart Inc. Corporate 1,000,000.00$ 999,970.00$ 993,760.00$ 2.55% 0.52% 0.21% 04/11/23 AA 101 U.S. Treasury Treasury 2,000,000.00$ 1,959,760.00$ 1,976,720.00$ 0.25% 0.12% 0.41% 04/15/23 Aaa 105 Federal Home Loan Mortgage Corporation Agency 5,000,000.00$ 4,900,650.00$ 4,937,350.00$ 0.38% 2.07% 1.03% 04/20/23 AA+ 110 Bank of New York Mellon Corp. Corporate 1,000,000.00$ 1,004,220.00$ 995,670.00$ 3.50% 0.55% 0.21% 04/28/23 A 118 U.S. Treasury Treasury 2,000,000.00$ 1,955,000.00$ 1,972,500.00$ 0.13% 0.20% 0.41% 04/30/23 Aaa 120 U.S. Treasury Treasury 2,000,000.00$ 1,979,760.00$ 1,981,400.00$ 1.63% 0.16% 0.41% 04/30/23 Aaa 120 Federal Farm Credit Agency 2,000,000.00$ 2,004,960.00$ 1,991,400.00$ 3.00% 2.73% 0.41% 05/02/23 AA+ 122 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,957,460.00$ 1,972,340.00$ 0.38% 1.24% 0.41% 05/05/23 AA+ 125 Federal Home Loan Mortgage Corporation Agency 3,000,000.00$ 2,936,190.00$ 2,958,510.00$ 0.38% 1.17% 0.62% 05/05/23 AA+ 125 U.S. Treasury Treasury 2,000,000.00$ 1,980,460.00$ 1,979,060.00$ 1.75% 0.14% 0.41% 05/15/23 Aaa 135 University of California Revenue Muni 4,360,000.00$ 4,256,144.80$ 4,295,908.00$ 0.37% 1.70% 0.89% 05/15/23 AA- 135 Federal National Mortgage Association Agency 2,200,000.00$ 2,149,906.00$ 2,163,304.00$ 0.25% 0.68% 0.45% 05/22/23 AA+ 142 Federal Farm Credit Agency 2,000,000.00$ 1,957,600.00$ 1,968,540.00$ 0.38% 1.25% 0.41% 05/23/23 AA+ 143 Federal Farm Credit Agency 3,000,000.00$ 2,936,400.00$ 2,952,810.00$ 0.38% 1.20% 0.61% 05/23/23 AA+ 143 U.S. Treasury Treasury 2,000,000.00$ 1,950,460.00$ 1,964,300.00$ 0.13% 0.21% 0.41% 05/31/23 Aaa 151 U.S. Treasury Treasury 2,000,000.00$ 1,977,180.00$ 1,976,480.00$ 1.63% 0.18% 0.41% 05/31/23 Aaa 151 Federal Home Loan Bank Agency 2,000,000.00$ 1,948,880.00$ 1,964,140.00$ 0.13% 0.16% 0.41% 06/02/23 AA+ 153 Federal Farm Credit Agency 3,000,000.00$ 2,930,640.00$ 2,946,630.00$ 0.35% 0.54% 0.61% 06/08/23 AA+ 159 U.S. Treasury Treasury 2,000,000.00$ 1,949,140.00$ 1,961,260.00$ 0.25% 0.15% 0.41% 06/15/23 Aaa 166 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,995,300.00$ 1,983,120.00$ 2.75% 0.16% 0.41% 06/19/23 AA+ 170 Federal Home Loan Mortgage Corporation Agency 3,000,000.00$ 2,992,950.00$ 2,974,680.00$ 2.75% 0.52% 0.62% 06/19/23 AA+ 170 Federal Home Loan Mortgage Corporation Agency 2,965,000.00$ 2,885,775.20$ 2,903,802.40$ 0.25% 0.19% 0.60% 06/26/23 AA+ 177 U.S. Bank NA Corporate 2,000,000.00$ 1,998,320.00$ 1,981,740.00$ 3.40% 1.05% 0.41% 07/24/23 AA- 205 U.S. Treasury Treasury 2,000,000.00$ 1,940,000.00$ 1,947,340.00$ 0.13% 0.24% 0.40% 07/31/23 Aaa 212 CA State Muni 2,940,000.00$ 2,950,907.40$ 2,926,623.00$ 3.40% 3.05% 0.61% 08/01/23 AA- 213 San Diego Community College District Muni 3,375,000.00$ 3,340,372.50$ 3,328,560.00$ 2.00% 0.43% 0.69% 08/01/23 AAA 213 Bank of New York Mellon Corp. Corporate 1,000,000.00$ 1,002,530.00$ 991,100.00$ 3.45% 1.87% 0.21% 08/11/23 A 223 Federal Home Loan Bank Agency 2,000,000.00$ 1,999,800.00$ 1,982,240.00$ 3.25% 3.26% 0.41% 08/15/23 AA+ 227 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,939,420.00$ 1,941,760.00$ 0.25% 0.20% 0.40% 08/24/23 AA+ 236 Federal Home Loan Bank Agency 3,000,000.00$ 2,909,760.00$ 2,909,790.00$ 0.13% 0.22% 0.60% 08/28/23 AA+ 240 Federal Home Loan Bank Agency 3,000,000.00$ 2,900,820.00$ 2,907,450.00$ 0.13% 0.22% 0.60% 09/08/23 AA+ 251 Federal Home Loan Bank Agency 2,000,000.00$ 1,987,720.00$ 1,966,840.00$ 2.38% 1.58% 0.41% 09/08/23 AA+ 251 Federal National Mortgage Association Agency 2,000,000.00$ 1,999,820.00$ 1,974,300.00$ 2.88% 2.36% 0.41% 09/12/23 AA+ 255 Federal Farm Credit Agency 2,500,000.00$ 2,419,650.00$ 2,419,175.00$ 0.22% 0.25% 0.50% 09/22/23 AA+ 265 U.S. Treasury Treasury 2,000,000.00$ 1,934,060.00$ 1,933,520.00$ 0.25% 0.26% 0.40% 09/30/23 Aaa 273 CA State Muni 2,000,000.00$ 1,980,220.00$ 1,970,560.00$ 2.25% 3.15% 0.41% 10/01/23 AA- 274 CA State Muni 2,500,000.00$ 2,475,275.00$ 2,463,200.00$ 2.25% 1.00% 0.51% 10/01/23 AA- 274 Federal Farm Credit Agency 3,000,000.00$ 2,899,020.00$ 2,897,340.00$ 0.29% 0.64% 0.60% 10/12/23 AA+ 285 Federal Home Loan Mortgage Corporation Agency 3,000,000.00$ 2,893,710.00$ 2,893,470.00$ 0.13% 0.46% 0.60% 10/16/23 AA+ 289 CA State Muni 1,500,000.00$ 1,498,260.00$ 1,484,070.00$ 3.00% 0.35% 0.31% 11/01/23 AA- 305 Federal Home Loan Mortgage Corporation Agency 3,000,000.00$ 2,893,950.00$ 2,886,150.00$ 0.25% 1.39% 0.60% 11/06/23 AA+ 310 Bristol-Myers Squibb Co. Corporate 3,000,000.00$ 2,895,240.00$ 2,890,200.00$ 0.54% 0.19% 0.60% 11/13/23 A+ 317 U.S. Treasury Treasury 2,000,000.00$ 1,927,340.00$ 1,923,120.00$ 0.25% 0.65% 0.40% 11/15/23 Aaa 319 Federal Farm Credit Agency 3,000,000.00$ 2,904,210.00$ 2,883,180.00$ 0.55% 0.75% 0.60% 11/24/23 AA+ 328 Federal National Mortgage Association Agency 2,200,000.00$ 2,119,810.00$ 2,113,298.00$ 0.25% 0.90% 0.44% 11/27/23 AA+ 331 U.S. Treasury Treasury 2,000,000.00$ 1,932,040.00$ 1,924,220.00$ 0.50% 0.66% 0.40% 11/30/23 Aaa 334 Sacramento County Sanatation District Muni 1,500,000.00$ 1,452,855.00$ 1,452,285.00$ 0.76% 2.75% 0.30% 12/01/23 AA 335 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,924,380.00$ 1,917,080.00$ 0.25% 0.21% 0.40% 12/04/23 AA+ 338 Federal Home Loan Bank Agency 2,000,000.00$ 2,010,500.00$ 1,971,220.00$ 3.38% 2.68% 0.41% 12/08/23 AA+ 342 U.S. Treasury Treasury 2,000,000.00$ 1,919,060.00$ 1,915,860.00$ 0.13% 0.67% 0.40% 12/15/23 Aaa 349 Federal Home Loan Bank Agency 3,000,000.00$ 2,898,930.00$ 2,878,680.00$ 0.63% 0.75% 0.60% 12/22/23 AA+ 356 U.S. Treasury Treasury 2,000,000.00$ 1,990,000.00$ 1,958,920.00$ 2.63% 0.68% 0.41% 12/31/23 Aaa 365 City of Oakland Muni 3,435,000.00$ 3,342,735.90$ 3,324,015.15$ 1.58% 1.56% 0.69% 01/15/24 AA 380 Bank of America Corporate 3,000,000.00$ 3,032,010.00$ 2,974,170.00$ 4.13% 0.44% 0.62% 01/22/24 A- 387 U.S. Bancorp Corporate 2,500,000.00$ 2,511,575.00$ 2,467,200.00$ 3.70% 1.32% 0.51% 01/30/24 A+ 395 City of Visalia
Investment Report
By Maturity Date
12/31/2022
27 City of Visalia
Investment Report
By Maturity Date
12/31/2022 (cont.)

Federal National Mortgage Association Agency 2,000,000.00$ 1,985,820.00$ 1,952,000.00$ 2.50% 1.76% 0.41% 02/05/24 AA+ 401 Federal Farm Credit Agency 2,000,000.00$ 1,916,560.00$ 1,901,080.00$ 0.25% 0.29% 0.40% 02/26/24 AA+ 422 Federal Home Loan Bank Agency 2,000,000.00$ 1,963,120.00$ 1,932,180.00$ 1.88% 1.46% 0.40% 03/08/24 AA+ 433 Federal Home Loan Bank Agency 3,000,000.00$ 2,998,626.00$ 2,994,540.00$ 4.75% 4.79% 0.62% 03/08/24 AA+ 433 Federal Farm Credit Agency 2,000,000.00$ 1,915,780.00$ 1,894,940.00$ 0.30% 0.31% 0.39% 03/18/24 AA+ 443 CA ST Muni 2,000,000.00$ 1,988,780.00$ 1,964,700.00$ 3.00% 3.37% 0.41% 04/01/24 AA- 457 CA ST Muni 3,000,000.00$ 2,955,930.00$ 2,947,050.00$ 3.00% 4.00% 0.61% 04/01/24 AA- 457 CA ST Muni 3,000,000.00$ 2,938,140.00$ 2,947,050.00$ 3.00% 4.50% 0.61% 04/01/24 AA- 457 Citigroup Corporate 5,000,000.00$ 4,964,150.00$ 4,869,000.00$ 3.35% 3.35% 1.01% 04/29/24 A 485 Bank of America Corporate 3,000,000.00$ 2,872,890.00$ 2,914,350.00$ 3.10% 3.10% 0.61% 04/29/24 A- 485 Federal Home Loan Bank Agency 2,000,000.00$ 1,992,820.00$ 1,953,800.00$ 2.88% 1.85% 0.41% 06/14/24 AA+ 531 Federal Home Loan Bank Agency 3,000,000.00$ 3,006,096.00$ 3,003,630.00$ 4.88% 4.72% 0.62% 06/14/24 AA+ 531 Toyota Motor Credit Corporate 3,000,000.00$ 2,820,240.00$ 2,804,400.00$ 0.50% 0.59% 0.58% 06/14/24 A+ 531 Federal Home Loan Mortgage Corporation Agency 3,750,000.00$ 3,556,800.00$ 3,502,650.00$ 0.38% 0.38% 0.73% 06/28/24 AA+ 545 Federal National Mortgage Association Agency 2,000,000.00$ 1,954,820.00$ 1,914,500.00$ 1.75% 1.68% 0.40% 07/02/24 AA+ 549 American Honda Finance Corp. Corporate 2,500,000.00$ 2,347,975.00$ 2,334,225.00$ 0.55% 0.71% 0.49% 07/12/24 A- 559 Santa Clara County Muni 6,535,000.00$ 6,381,819.60$ 6,282,683.65$ 2.00% 2.73% 1.31% 08/01/24 AAA 579 Federal Home Loan Bank Agency 2,000,000.00$ 1,936,960.00$ 1,898,900.00$ 1.50% 1.45% 0.39% 08/15/24 AA+ 593 City of Berkeley Muni 800,000.00$ 802,672.00$ 781,896.00$ 3.50% 1.95% 0.16% 09/01/24 AA+ 610 Federal Home Loan Bank Agency 2,000,000.00$ 1,991,720.00$ 1,941,540.00$ 2.88% 1.64% 0.40% 09/13/24 AA+ 622 Toyota Motor Credit Corporate 3,000,000.00$ 2,818,500.00$ 2,791,770.00$ 0.63% 1.04% 0.58% 09/13/24 A+ 622 Federal Home Loan Bank Agency 2,000,000.00$ 1,981,106.31$ 1,964,420.00$ 3.50% 4.00% 0.41% 09/13/24 AA+ 622 CA ST Muni 3,000,000.00$ 3,041,280.00$ 3,046,830.00$ 5.50% 4.72% 0.63% 10/01/24 AA- 640 Federal Home Loan Bank Agency 2,000,000.00$ 1,988,180.00$ 1,997,680.00$ 4.50% 4.83% 0.42% 10/03/24 AA+ 642 Federal National Mortgage Association Agency 3,000,000.00$ 2,907,120.00$ 2,849,970.00$ 1.63% 0.75% 0.59% 10/15/24 AA+ 654 Bank of New York Mellon Corp. Corporate 3,000,000.00$ 2,902,950.00$ 2,860,050.00$ 2.10% 0.52% 0.59% 10/24/24 A 663 Bank of New York Mellon Corp. Corporate 3,000,000.00$ 2,902,950.00$ 2,860,050.00$ 2.10% 1.93% 0.59% 10/24/24 A 663 U.S. Treasury Treasury 2,000,000.00$ 1,856,687.50$ 1,866,720.00$ 0.75% 4.31% 0.39% 11/15/24 Aaa 685 CA State Department Water Muni 5,000,000.00$ 4,667,800.00$ 4,621,900.00$ 0.51% 1.59% 0.96% 12/01/24 AAA 701 Federal Home Loan Bank Agency 2,000,000.00$ 1,985,800.00$ 1,935,940.00$ 2.75% 1.48% 0.40% 12/13/24 AA+ 713 Federal Home Loan Bank Agency 2,000,000.00$ 1,991,660.00$ 2,000,680.00$ 4.63% 4.83% 0.42% 12/13/24 AA+ 713 State Street Corp. Corporate 3,000,000.00$ 2,978,940.00$ 2,927,820.00$ 3.30% 0.64% 0.61% 12/16/24 A 716 Federal National Mortgage Association Agency 2,000,000.00$ 1,931,180.00$ 1,889,280.00$ 1.63% 0.36% 0.39% 01/07/25 AA+ 738 U.S. Treasury Treasury 2,000,000.00$ 1,918,200.00$ 1,879,680.00$ 1.38% 0.52% 0.39% 01/31/25 Aaa 762 Federal Home Loan Mortgage Corporation Agency 3,000,000.00$ 2,883,750.00$ 2,826,840.00$ 1.50% 0.74% 0.59% 02/12/25 AA+ 774 Toyota Motor Credit Corporate 5,000,000.00$ 4,766,850.00$ 4,698,400.00$ 1.80% 2.30% 0.98% 02/13/25 A+ 775 U.S. Treasury Treasury 2,000,000.00$ 1,948,680.00$ 1,902,960.00$ 2.00% 0.52% 0.40% 02/15/25 Aaa 777 U.S. Treasury Treasury 5,000,000.00$ 4,949,050.00$ 4,817,200.00$ 2.63% 2.36% 1.00% 03/31/25 Aaa 821 Bay Area Toll Authority Muni 3,000,000.00$ 2,837,910.00$ 2,861,190.00$ 2.33% 4.70% 0.59% 04/01/25 AA 822 Federal National Mortgage Association Agency 2,000,000.00$ 1,870,200.00$ 1,837,480.00$ 0.63% 0.59% 0.38% 04/22/25 AA+ 843 Federal National Mortgage Association Agency 2,000,000.00$ 1,870,680.00$ 1,837,480.00$ 0.63% 3.15% 0.38% 04/22/25 AA+ 843 Federal Farm Credit Agency 5,000,000.00$ 4,955,300.00$ 4,804,950.00$ 2.75% 2.75% 1.00% 04/25/25 AA+ 846 Citigroup Corporate 5,000,000.00$ 4,911,650.00$ 4,783,700.00$ 4.00% 4.00% 0.99% 05/13/25 A 864 Federal Home Loan Bank Agency 2,000,000.00$ 1,862,940.00$ 1,828,360.00$ 0.63% 0.52% 0.38% 06/13/25 AA+ 895 Federal National Mortgage Association Agency 2,000,000.00$ 1,855,220.00$ 1,819,820.00$ 0.50% 0.46% 0.38% 06/17/25 AA+ 899 Citigroup Corporate 3,000,000.00$ 2,996,910.00$ 2,893,860.00$ 4.75% 4.75% 0.60% 06/30/25 A 912 Los Angeles School District Muni 3,345,000.00$ 3,122,958.90$ 3,072,415.95$ 1.25% 1.09% 0.64% 07/01/25 Aa3 913 JP Morgan Chase Co. Corporate 1,450,000.00$ 1,452,291.00$ 1,417,549.00$ 3.90% 1.07% 0.29% 07/15/25 A- 927 Federal Home Loan Mortgage Corporation Agency 2,996,000.00$ 2,763,660.20$ 2,711,230.20$ 0.38% 0.46% 0.56% 07/21/25 AA+ 933 Los Angeles Commty College Muni 5,000,000.00$ 4,609,550.00$ 4,521,050.00$ 0.77% 0.97% 0.94% 08/01/25 AA+ 944 U.S. Treasury Treasury 2,000,000.00$ 1,932,625.00$ 1,941,720.00$ 3.13% 4.38% 0.40% 08/15/25 Aaa 958 John Deere Capital Corp. Corporate 2,000,000.00$ 1,952,040.00$ 1,935,360.00$ 3.40% 4.27% 0.40% 09/11/25 A 985 Federal Home Loan Bank Agency 3,000,000.00$ 2,878,860.00$ 2,807,370.00$ 1.75% 1.33% 0.58% 09/12/25 AA+ 986 Los Angeles School District Muni 5,000,000.00$ 4,690,250.00$ 4,593,600.00$ 1.54% 1.58% 0.96% 09/15/25 A+ 989 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,834,580.00$ 1,799,760.00$ 0.38% 0.44% 0.37% 09/23/25 AA+ 997 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,834,580.00$ 1,799,760.00$ 0.38% 0.90% 0.37% 09/23/25 AA+ 997 Federal Home Loan Mortgage Corporation Agency 2,000,000.00$ 1,838,820.00$ 1,797,360.00$ 0.55% 0.55% 0.37% 09/30/25 AA+ 1004 CA ST Muni 3,000,000.00$ 3,060,360.00$ 3,067,080.00$ 5.50% 4.74% 0.64% 10/01/25 AA- 1005 Procter & Gamble Co. Corporate 3,000,000.00$ 2,758,680.00$ 2,690,610.00$ 0.55% 0.69% 0.56% 10/29/25 AA- 1033 CA State Muni 2,000,000.00$ 1,976,280.00$ 1,914,540.00$ 3.00% 0.70% 0.40% 11/01/25 AA- 1036 CA State University Muni 5,555,000.00$ 5,089,990.95$ 4,974,558.05$ 0.89% 1.63% 1.03% 11/01/25 AA- 1036 Federal National Mortgage Association Agency 2,000,000.00$ 1,836,200.00$ 1,798,500.00$ 0.50% 0.68% 0.37% 11/07/25 AA+ 1042 Federal National Mortgage Association Agency 2,000,000.00$ 1,836,200.00$ 1,798,500.00$ 0.50% 1.13% 0.37% 11/07/25 AA+ 1042 U.S. Bancorp Corporate 3,000,000.00$ 3,014,670.00$ 2,926,740.00$ 3.95% 0.75% 0.61% 11/17/25 A+ 1052 Federal Home Loan Bank Agency 2,000,000.00$ 2,015,186.78$ 2,009,580.00$ 4.50% 4.22% 0.42% 12/12/25 AA+ 1077 28 City of Visalia
Investment Report
By Maturity Date
12/31/2022 (cont.)

John Deere Capital Corp. Corporate 3,000,000.00$ 2,708,820.00$ 2,669,520.00$ 0.70% 0.74% 0.56% 01/15/26 A 1111 Charles Schwab Corp. Corporate 4,000,000.00$ 3,588,400.00$ 3,547,920.00$ 0.90% 1.04% 0.74% 03/11/26 A 1166 CA State Muni 3,400,000.00$ 3,301,740.00$ 3,196,986.00$ 2.65% 0.97% 0.66% 04/01/26 AA- 1187 CA State Muni 1,320,000.00$ 1,281,852.00$ 1,241,182.80$ 2.65% 3.18% 0.26% 04/01/26 AA- 1187 Bay Area Toll Authority Muni 2,405,000.00$ 2,218,925.15$ 2,250,118.00$ 2.43% 4.90% 0.47% 04/01/26 AA 1187 Amazon.Com Inc. Corporate 3,000,000.00$ 2,728,230.00$ 2,657,040.00$ 1.00% 1.02% 0.55% 05/12/26 AA 1228 John Deere Capital Corp. Corporate 1,250,000.00$ 1,129,837.50$ 1,109,262.50$ 1.05% 0.91% 0.23% 06/17/26 A 1264 U.S. Treasury Treasury 3,000,000.00$ 2,754,030.00$ 2,682,660.00$ 0.88% 1.61% 0.56% 06/30/26 Aaa 1277 Federal Farm Credit Agency 2,000,000.00$ 1,987,840.00$ 2,014,700.00$ 4.50% 4.68% 0.42% 07/27/26 AA+ 1304 U.S. Treasury Treasury 5,000,000.00$ 4,534,400.00$ 4,418,150.00$ 0.63% 2.58% 0.92% 07/31/26 Aaa 1308 Los Angeles Commty College Muni 2,000,000.00$ 1,819,360.00$ 1,760,760.00$ 1.17% 2.38% 0.37% 08/01/26 AA+ 1309 Fremont Unified School District Muni 5,470,000.00$ 4,928,907.60$ 4,727,228.70$ 0.83% 3.30% 0.98% 08/01/26 AA- 1309 Upper Santa Clara Valley Joint Powers Authority Muni 3,700,000.00$ 3,358,046.00$ 3,263,104.00$ 1.18% 3.43% 0.68% 08/01/26 AA 1309 San Jose Unified School District Muni 2,205,000.00$ 2,205,352.80$ 2,114,021.70$ 3.37% 3.55% 0.44% 08/01/26 AA+ 1309 Federal Home Loan Bank Agency 3,000,000.00$ 2,841,000.00$ 2,754,840.00$ 1.88% 1.12% 0.57% 09/11/26 AA+ 1350 Federal National Mortgage Association Agency 2,000,000.00$ 1,903,000.00$ 1,845,300.00$ 1.88% 1.21% 0.38% 09/24/26 AA+ 1363 U.S. Treasury Treasury 3,000,000.00$ 2,752,200.00$ 2,663,790.00$ 0.88% 3.02% 0.55% 09/30/26 Aaa 1369 CA State Muni 3,000,000.00$ 2,868,990.00$ 2,761,590.00$ 2.38% 1.05% 0.57% 10/01/26 AA- 1370 CA State Department Water Muni 5,000,000.00$ 4,502,700.00$ 4,344,850.00$ 1.05% 1.68% 0.90% 12/01/26 AAA 1431 Federal Home Loan Bank Agency 3,000,000.00$ 2,774,250.00$ 2,685,510.00$ 1.25% 1.66% 0.56% 12/21/26 AA+ 1451 Federal Home Loan Bank Agency 5,000,000.00$ 4,623,750.00$ 4,475,850.00$ 1.25% 2.70% 0.93% 12/21/26 AA+ 1451 Federal Farm Credit Agency 2,000,000.00$ 1,985,760.00$ 1,978,360.00$ 3.88% 4.07% 0.41% 12/23/26 AA+ 1453 U.S. Treasury Treasury 5,000,000.00$ 4,746,100.00$ 4,579,300.00$ 1.88% 2.37% 0.95% 02/28/27 Aaa 1520 Amazon.Com Inc. Corporate 5,000,000.00$ 4,905,300.00$ 4,745,000.00$ 3.30% 3.38% 0.99% 04/13/27 AA 1564 Federal Farm Credit Agency 5,000,000.00$ 4,947,400.00$ 4,759,850.00$ 2.88% 2.88% 0.99% 04/26/27 AA+ 1577 U.S. Treasury Treasury 3,000,000.00$ 2,900,812.50$ 2,775,120.00$ 2.25% 2.97% 0.58% 08/15/27 Aaa 1688 Toyota Motor Credit Corporate 2,000,000.00$ 1,987,280.00$ 1,972,440.00$ 4.55% 4.70% 0.41% 09/20/27 A+ 1724 Federal Home Loan Bank Agency 2,000,000.00$ 2,019,380.00$ 2,011,620.00$ 4.25% 4.03% 0.42% 12/10/27 AA+ 1805 Federal Farm Credit Agency 2,000,000.00$ 1,977,580.00$ 1,970,100.00$ 3.75% 4.00% 0.41% 12/22/27 AA+ 1817 Total Investments 429,231,000.00$ 414,517,825.59$ 409,411,076.85$ 85.1% Other Investments
Local Agency Investment Funds (LAIF) LAIF 23,074,433.92$ 23,074,433.92$ 23,074,433.92$ 1.98% 1.98% 4.8% 12/31/22 N/A - Local Agency Investment Funds (LAIF) - COVID LAIF 29,531,161.40$ 29,531,161.40$ 29,531,161.40$ 1.98% 1.98% 6.1% 12/31/22 N/A - California Asset Management Program (CAMP) CAMP 18,660,618.72$ 18,660,618.72$ 18,660,618.72$ 4.30% 4.30% 3.9% 12/31/22 N/A - Orchard Walk West Bond 180,000.00$ 180,000.00$ 180,000.00$ 6.75% 6.75% 0.0% 06/01/26 N/A 1248 Atwood Water Main District Bond 81,676.33$ 81,676.33$ 81,676.33$ 4.00% 4.00% 0.0% 09/02/30 N/A 2802 Laura Water Main District Bond 51,785.37$ 51,785.37$ 51,785.37$ 4.00% 4.00% 0.0% 09/02/30 N/A 2802 Total Other Investments 71,579,675.74$ 71,579,675.74$ 71,579,675.74$ 14.9% Total Portfolio Holdings 500,810,675.74$ 486,097,501.33$ 480,990,752.59$ 1.93% 100.0% 29 Visalia City Council
Staff Report
Visalia City Council
707 W. Acequia
Visalia, CA 93291
File #: 23-0085 Agenda Date: 3/20/2023 Agenda #: 4.

Agenda Item Wording:

Acceptance of the 2022 Housing Element Annual Progress Report (APR).

Deadline for Action: 3/20/2023
Submitting Department: Community Development
Contact Name and Phone Number:

Brandon Smith, Principal Planner, 713-4636 [email protected] <mailto:[email protected]>
Paul Bernal, Community Development Director, 713-4025 [email protected] <mailto:[email protected]>
Department Recommendation:

Staff recommends that the City Council receive the 2022 Housing Element Annual Progress Report and authorize staff to forward the report to the State Department of Housing and Community Development (HCD).

Background Discussion:

Pursuant to State Housing Law (Government Code Section §65400), cities and counties are required to report their progress on implementing their current Housing Elements. The report includes a summary of the jurisdiction’shousing activity, progress in reaching their Regional Housing Needs Assessment (RHNA) by income level, and progress in implementing our Housing Element’sgoals and programs.

The report is a useful tool for City officials, staff, citizens, and stakeholder groups interested in the City’shousing trends, particularly as they relate to affordable housing. The report must be reviewed by the City Council, submitted to HCD by April 1st, and accepted by HCD. Failure to prepare and deliver the report on a timely basis incurs risk of the City losing future housing grant funding opportunities.

The report demonstrates that the City follows all applicable State laws and policies pertaining to housing, and that the City is implementing its housing policies and programs as articulated in its midcycle or four-year update to the 5th Cycle Housing Element adopted in December 2019. (Currently staff is working together with consultants on the preparation of a 6th Cycle Housing Element, which is due to the State by December 31, 2023.)
The 2022 APR forms and tables are largely unchanged from the previous year’sformat. The APR continues to require listing and affordability determination of all “considered”housing projects (i.e., potential projects submitted to the Site Plan Review Committee), completed entitlements, and individual building permits for every individual housing unit. Jurisdictions report these units to gain credit against their RHNA housing unit requirements. The expanded reporting is in accordance with Visalia City Council Printed on 3/17/2023Page 1 of 6
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30 File #: 23-0085 Agenda Date: 3/20/2023 Agenda #: 4.
credit against their RHNA housing unit requirements. The expanded reporting is in accordance with the State’s enhanced focus on the housing development process.

All residential building permits must be tracked through to their final grant of occupancy. Only units that receive issuance of a building permit during the reporting period are counted toward the jurisdiction’s RHNA allocation. Notwithstanding the interest in the jurisdiction’s performance on providing affordable housing to lower income households, the APR requires detailed permit information on all residential units.

The contents of the APR are described below along with their applicability to the City of Visalia.

Table Name Description
Table A Housing development applications
submitted
Lists all applications deemed complete in
2022. Examples: Subdivision Maps,
Conditional Use Permits, Site Plan Review
applications receiving a “Revise & Proceed”
and needing no further entitlements.

Table A2 Annual building activity report
summary
Lists all housing units that have received an
entitlement, issued and/or finaled building
permit in 2022. Examples: building permits for
single-family, multi-family, and accessory
dwelling units, applications listed in Table A.

Table B RHNA Progress Summary of permits issued by income level in each year of RHNA allocation.

Table C Sites identified / rezoned to
accommodate shortfall housing
need
N/A for Visalia. The City maintains a surplus
in all levels.

Table D Program implementation status Reports on all mid-cycle update to the 5th Cycle Housing Element programs.

Table E Commercial development bonuses
approved
N/A for Visalia. No such applications
received in reporting period.

Table F Units rehabilitated, preserved and
acquired for alternative adequate
sites
N/A for Visalia. Optional table.

Table F2 Above moderate income units
converted to moderate income
units
N/A for Visalia. Optional table. New table
for 2022.

Table G Locally owned lands included in
Housing Element sites inventory
that have been sold, leased, or
disposed
N/A for Visalia. No locally owned
inventoried land has been sold.

Table H Locally Owned or Controlled Lands
Declared Surplus
Lists sites designated as surplus. Currently
none of these sites contain housing.

Table I Lot splits applied for or units
constructed pursuant to SB 9
N/A for Visalia. No lot splits or units were
applied for in 2022.

Table J Student housing development with
a density bonus approved
N/A for Visalia. No student housing applied
for.

Summary Summary of data from preceding
tables
Summary of data from preceding tables
LEAP
Reporting
Status of proposed uses listed in
LEAP application and the
corresponding impact on housing
Reports the City’s progress on its LEAP grant,
which was approved in 2021.

Visalia City Council Printed on 3/17/2023Page 2 of 6
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