CITY OF VISALIA
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC STATISTICS
Sources: (1) State Department of Finance
(2) Tulare County Auditor-Controller
(3) US Department of Commerce Bureau of Ecomonic Analysis (4) US Department of Labor Bureau of Labor Statistics/State of California Employment Development Department Note:
Personal Income & Per Capita Personal Income Data from the Bureau of Economic Analysis is only available through 2021. * For 2022, the California Department of Finance restated the prior year figure from 142,091 to 142,066.
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Percent of Percent of
Number of Total Number of Total
Employer Employees Rank Employment Employees Rank Employment Kaweah Delta Healthcare (1) 4,550 1 2.38% 2,000 3 1.12% County of Tulare (1) 4,311 2 2.25% 4,797 1 2.69% Visalia Unified School District (2) 2,988 3 1.56% 2,771 2 1.55% Visalia Mall (cumulative) (1) 1,200 4 0.63% NA NA VF Outdoor Inc (1) 1,012 5 0.53% 400 8 0.22% Walmart (incl. Neigborhood Market) (1) 840 6 0.44% NA NA Graphic Packaging (Intl. Paper Co.) (1) 757 7 0.40% 300 9 0.17% College of the Sequoias (1) 705 8 0.37% 745 4 0.42% City of Visalia (3) 676 9 0.35% 576 7 0.32% UPS (1) 600 10 0.31% NA NA
Jostens NA NA 720 5 0.40%
CIGNA Health Care NA NA 700 6 0.39%
California Pretzel Co. Inc. NA NA 225 10 0.13% Number of Employed (4) 191,400 178,400
CITY OF VISALIA
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2023 2014
Source: (1) City of Visalia Econom ic De ve lopm e nt Division (De ce m be r 2020) (2) Visalia Unifie d School District
(3) City of Visalia Budge t
(4) State of Cal i forni a Empl oyment Devel opment Department
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Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Administration 44 46 46 47 64 64 64 18 18 43 Administrative Services NA NA NA NA NA NA NA NA NA 26
Community Development 61 64 65 65 79 79 77 35 35 39 Finance 16 16 20 20 27 27 27 52 52 55 Fire 81 82 82 81 81 85 85 86 86 89 General Services NA NA NA NA NA NA NA 46 46 NA
Housing & Economic Development NA NA NA NA NA NA NA NA NA NA Housing & Community Grants NA NA NA NA NA NA 2 NA NA NA Community Services 32 34 12 12 13 13 13 39 39 50 Police 206 208 208 208 223 230 234 237 239 247 Public Works 118 121 139 141 143 144 144 144 144 127 Transportation & General Services 18 18 27 29 NA NA NA NA NA NA Total 576 589 599 603 630 642 646 657 659 676
(NA) - Function was not active in this year and was combined with another function.
Source: City Budget
CITY OF VISALIA
FULL-TIME CITY EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Fiscal Year
214
2014 2015 2016 2017
Police:
Calls for service - Calendar Year* 129,828 134,287 144,856 144,489 Fire:
Calls for service - Calendar Year 12,482 12,518 14,065 14,283 Refuse/Sewer**:
Number of Residential Accounts 36,144 37,538 37,884 38,014 Number of Commercial Accounts 3,731 3,747 3,758 4,043 Total Refuse/Sewer Accounts 39,875 41,285 41,642 42,057 Business Licenses:
New licenses issued during the year 1,261 1,098 1,201 1,375 Total business licenses 11,784 11,920 12,145 12,098 Building Permits:
Residential 2,019 2,478 3,152 2,793
Commercial 353 381 349 355
Miscellaneous 1,474 1,673 1,648 1,745
Total Building Permits 3,846 4,532 5,149 4,893 Source: City of Visalia
Note:
* 2022 calendar year information available.
** Refuse/Sewer variance for 2019 and 2020 is due to new system tracking of customers.
Fiscal Year
CITY OF VISALIA
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
215
2018 2019 2020 2021 2022 2023
153,701 158,783 160,465 158,189 158,836 159,159
15,301 15,229 16,180 15,885 16,630 17,135 38,579 41,638 39,494 39,076 40,397 42,870 3,993 3,654 3,254 3,360 3,441 3,598 42,572 45,292 42,748 42,436 43,838 46,468 1,955 1,586 1,409 1,236 1,525 1,663 12,268 12,241 12,315 12,505 12,953 13,126 2,865 3,049 2,753 3,367 4,068 4,273 381 319 319 270 343 345 1,497 1,970 1,962 2,025 2,223 1,983 4,743 5,338 5,034 5,662 6,634 6,601 Fiscal Year
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2014 2015 2016 2017
Police:
Stations 3 3 3 3 Fire:
Fire stations 5 5 6 6 Public Works:
City Area in Square Miles 37 37 37 38 Streets (miles) 493 512 512 516 Traffic Signalized Intersections 118 120 120 123 Community Services:
Developed City Park Acreage 288 281 281 269 City Owned Open Space Acreage 231 282 282 289 Public Libraries 1 1 1 1 Recreation Centers 5 5 5 5 Swimming Pools 0 0 0 0
Parks 50 52 52 54
Acres of Parks 493 290 290 286 Wastewater:
Sanitary sewers (miles) 468 468 468 507 Storm sewers (miles) 240 240 240 276 Golf Course:
Municipal golf courses 1 1 1 1 Source: Various City Departments
Fiscal Year
CITY OF VISALIA
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
217
2018 2019 2020 2021 2022 2023
3 3 3 3 3 3 6 6 6 6 6 6 38 38 38 38 38 38 516 525 528 519 519 519 123 126 127 131 131 132 269 269 269 293 293 293 289 289 289 266 266 266 1 1 1 1 1 1 5 5 5 5 5 5 0 0 0 0 0 0
54 54 54 58 58 58 286 286 286 314 314 314 508 508 508 508 508 508 277 277 277 277 277 279 1 1 1 1 1 1 Fiscal Year
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CITY OF VISALIA
INSURANCE IN FORCE
FISCAL YEAR ENDED JUNE 30, 2023
Coverage Underwriter Limits of Coverage Deductibles Policy Number Period of Policy
PRIM ARY POLICIES
General liability over $1,000,000 per occurrence
(covers bodily injury, personal injury, property
damage and errors/omissions, auto liability, or
any combination thereof) ACCEL coverage
effective 6/1/86
Authority for
California Cities
Excess Liability
(ACCEL)
SIR $1,000,000; ACCEL pooled layer
$9,000,000; Pool purchase $45,000,000; total
limits $55,000,000 $1,000,000 SIR 07/01/22 to 06/30/23
Commercial Property Policy Allianz
Business Real Property, Business Personal
Property limit $347 mil; Business Income/Extra
Exp $10m
$50,000 bldg;
$5k contents; USC007189200 07/01/22 to 06/30/23
Pollution Liability (Underground Storage Tank) Crum & Forester $1 mil liability; $1 mil aggregate $5k deductible STP420080 10/12/22 to 10/12/23 Excess Workers Compensation
Keenan &
Associates/Safety
National
XS work comp, loss control fees; admin fees;
broker fees. $25 million limits $1 mil SIR SP4065356 07/01/22 to 06/30/23 Excess Health & Medical Coverage PRISM Risk Healthcare Pooling Program None 1/1/23 to 12/31/23
SPECIAL COVERAGES
Aviation Liability
ACE Property
Casualty
25 mil each occurrence/offense in respect of
Bodily Injry, Personal and Advertising Injury and
Property Damage combined, subject to
limitations (3 year rate guarantee)
None AAP N10694243 003 7/14/22 to 7/14/25
Cyber Insurance
RPS Risk
Placement Services 5 mil aggregate; 100,000 #4978937B 11/4/22 - 11/4/23 Contractors Equipment/Mobile Equipment/Fine
Arts/Valuable Papers & Records
Markel American
Insurance Company
Contractors equip/mobile equip $9,133,263 all
covered property, including rented and leased;
limit $500 ee tool/$5k per occurrence; Fine
arts/Valuable papers & records $500k blanket
all locations; Commercial Fine Arts Floater,
$85k limit,
$500 deductible MKLM51M0053467 7/1/22 to 7/1/23
Crime Policy/ Bond - General
Fidelity and Deposit
Companies Commercial Crime Policy; $5,000,000
$100,000
deductible CCP004781615 4/27/21 to 4/27/24
Crime Policy/Bond - Police
Fidelity and Deposit
Companies Commercial Crime Policy; $5,000,000
$100,000
deductible CCP612789117 4/27/21 to 4/27/24
Special Events Insurance HUB Insurance
Liability policy available to citizens holding
events in city facilities/parks
EAP CuraLink 6 visits per insured member per year 7/1/2022 - 6/30/23 Long Term Disability (LTD) Sun Life
66% of pre-disability earnings up to $5,000
monthly benefit 234707 1/1/22 to 12/31/23
Life Insurance Sun Life
City Manager 2X Annual Salary; Department
Head Group $75,000; All Other Employees
$30,000 234707 1/1/22 to 12/31/23
Dental
Preferred
Benefits/Delta
Dental
$1,000 maximum annual benefit paid per
insured (retirees and their dependents are not
eligible for dental)
8244 1/1/22 to 12/31/23
Vision Vision Service Plan Annual benefits with VSP provider ID #00849301 1/1/22 to 12/31/24 219
Compliance
Section
220
221
222
223
224
225
226
227
228
229
CITY OF VISALIA
BOND DISCLOSURE REQUIREMENTS
The City of Visalia (the City) periodically issues tax-exempt debt. Frequently the bond covenants require that the City of Visalia disclose additional information about its operations for the benefit of the bond holder. This disclosure statement provides for those disclosure requirements.
This disclosure statement addresses required disclosures for the following debt issues:
Redevelopment Agency Tax Allocation Bonds
On June 18, 2003, the Visalia Community Redevelopment Agency issued $5,185,000 of 2003 Tax Allocation Refunding Bonds (2003 Bonds) to retire outstanding variable rate 1990 Tax Allocation Bonds and to pay for issuance costs. Due to the variable nature of the refunded debt, the City could not determine the economic gain on the transaction.
Tax increment revenue is pledged for the repayment of the 2003 Bonds. Interest ranges from 2.0% to 4.1% and is due semiannually each July 1 and January 1. Commencing in 2004, principal is payable each July 1 through 2026.
This debt was transferred to the Successor Agency of The City of Visalia on February 1, 2012, as a result of the dissolution of the Visalia Community Redevelopment Agency.
Certificates of Participation
On July 2, 2014, the City issued $7,380,000 of 2014 Refunding Certificates of Participation (the Certificates) to (a) refund all of the City’s outstanding 2005 Refunding Certificates of Participation (the Prior Certificates), (b) to purchase a municipal bond debt service reserve insurance policy for deposit into a debt reserve service reserve fund established for the Certificates, and (c) to pay the costs related to the execution and delivery of the Certificates. Of this issue, 84% is allocable to the Convention Center and 16% is considered general long -term debt. Interest represented by the Certificates is payable semiannually on June 1 and December 1 of each year, commencing on December 1, 2014, with the final payment due in the year 2025. The 2014 Certificates advance refunded the outstanding 2005 Refunding Certificates of Participation. The 2005 Certificates were fully called on July 11, 2014.
Certificates of Participation
On September 10, 2015, the City issued $17,910,000 of 2015 Certificates of Participation to (a) construct and equip the Visalia Emergency Communications Center (the VECC), (b) to replace the City’s Computer Aided Dispatch and Records Management System (the CAD/RMS), (c) to make certain improvements to the Visalia Convention Center, (d) to purchase a municipal bond debt service reserve insurance policy for deposit into a debt service reserve fund established for the Certificates, and (e) to pay the costs related to the execution and delivery of the Certificates. Of this issue, 27% is allocable to the Convention Center and 73% is considered general long -term debt. Interest represented by the Certificates is payable semiannually on June 1 and December 1 of each year, commencing on December 1, 2015, with the final payment due in the year 2029.
DISCLOSURES
Redevelopment Agency Tax Allocation Bonds
Successor Agency of The City of Visalia (former Visalia Community Redevelopment Agency of The City of Visalia) On December 29, 2011, the California Supreme Court upheld Assembly Bill IX 26 (Bill) that provides for the dissolution of all redevelopment agencies in the State of California.
The Bill provides that upon dissolution of a redevelopment agency, either the City or another unit of local government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and local government. On January 17, 2012, the City Council elected to become the Successor Agency for the former Visalia Community Redevelopment Agency (RDA) with the Bill as part of City resolution number 12-01.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations, or commitments. Subject to the control of a newly established
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oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments).
In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011), all redevelopment agencies in the State of California were dissolved and ceased to operate as legal entities as of February 1, 2012. The Successor Agency of The City of Visalia took over the affairs of the former RDA of the City of Visalia at that time and is responsible for the wind down of the affairs of the dissolved RDA. It is responsible for fulfilling the obligations of the former RDA and is also responsible for revenue collection, maintaining bond reserves, and disposing of excess property. When the RDA was dissolved, the four project areas of the RDA were combined into one entity. Therefore, some historical information as required by the continuing disclosure is no longer available or applicable.
For FY 202 2-23 and future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the former redevelopment agency have been paid in full and all assets have been liquidated.
The only outstanding bonded debt of the former Visalia Community Redevelopment Agency is the 2003 Tax Allocation Refunding Bonds (2003 Bonds). The 2003 Bonds have been accepted by the California Department of Finance as enforceable obligations. As a result, the County of Tulare will provide former tax increment revenues to the Successor Agency of the City of Visalia for payment of the 2003 Bonds.
The 2003 Tax Allocation Refunding Bonds (East Visalia Redevelopment Project) required continuing disclosures which are now meaningless due to the dissolution of redevelopment agencies. Continuing disclosure covenants ask for the following five tables:
Historical Assessed Valuation (Table 3)
Historical Levy and Receipts (Table 4)
Top Ten Taxpayers (Table 6)
Projected Tax Revenues (Table 8)
Projected Debt Service Coverage (Table 9)
Rating Changes
These tables are presented here as required.
Fiscal Year Locally-
Ended Assessed Unsecured State-Assessed Total Incremental June 30 Secured Value Value Value Assessed Value Assessed Value 2019 172,658,326 23,034,881 602,306 196,295,513 71,719,119 2020 182,187,754 21,343,824 602,306 204,133,884 71,719,119 2021 194,743,023 19,553,714 602,306 214,899,043 71,719,119 2022 197,716,642 25,230,839 651,803 223,599,284 71,719,119 2023 270,931,665 38,264,899 651,803 309,848,367 71,719,119 Source: County of Tulare and City of Visalia Finance Department TABLE 3
SUCCESSOR AGENCY OF THE CITY OF VISALIA
EAST SUCCESSOR AGENCY PROJECT AREA
HISTORICAL AND CURRENT ASSESSED VALUATION
LAST FIVE FISCAL YEARS
231
Total Receipts of
Tax Increment Percentage of
Fis cal Year Levy Revenue Levy Received
2008-09 1,170$ 1,389$ 118.72%
2009-10 1,244 1,336 107.40%
2010-11 1,212 1,339 110.48%
2011-12* 1,177 665 56.50%
* Partial Year due to the dissolution of The Visalia Community Redevelopment Agency on February 1, 2012
The 2003 Bonds have been accepted by the California Department of Finance as enforceable obligations. As a result, the County of Tulare will provide former tax increment revenues to the Successor Agency of the City of Visalia for payment of the 2003 Bonds.
Source: County of Tulare and City of Visalia Finance Department Table 4
Successor Agency of The City of Visalia
Eas t Vis alia Redevelopment Project
Historical Levy and Receipts
Fiscal Year 2022-23 Percentage of
Property Owner Total Assessed Value Total (1)
1 Hotel Circle GL Holding LLC 17,068,646$ 5.51% 2 Donald John & Shelly Kaye Groppetti 15,244,993 4.92% 3 Willow Street Development Co LLC 10,150,108 3.28% 4 Kenneth J. Curti (TR) 8,742,478 2.82% 5 Mark Whittlesey (TR) 6,551,268 2.11% 6 Visalia Land & Investment Co LLC 6,305,330 2.03% 7 United Rentals North America Inc. 4,742,470 1.53% 8 Z5 LLC 3,280,941 1.06%
9 Larry J. Ritchie 3,091,701 1.00%
10 Cary S. Winslow 2,619,488 0.85%
77,797,423$
(1) Fiscal Year 2022-23 assessed valuation: $309,848,367 Source: Tulare County Auditor Controller's Office
Table 6
SUCCESSOR AGENCY OF THE CITY OF VISALIA
EAST VISALIA REDEVELOPMENT PROJECT AREA
TOP TEN TAXPAYERS
BASED UPON 2022-23 ASSESSED VALUATION
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With the dissolution of redevelopment agencies, successor agencies will only receive property tax revenues sufficient to pay debt service. As a result, the County of Tulare will provide the City’s successor agency tax increment equal to the debt service for that year. In other words, debt service coverage will be 1.0 and projected receipts will be equal to debt service.
Table 8
Successor Agency of The City of Visalia
Eas t Vis alia Redevelopment Project
Tax Revenues
(000s Omitted)
Tota l Asse sse d Tax Senior Tax Section 33676 County Housing Tax Fis cal Year Valuation Increment Sharing Adjustment Admin Fees Set-Aside Revenues 2008-09 160,739$ 1,389$ 550$ 9$ 64$ 278$ 488$ 2009-10 171,728 1,336 585 9 41 267 434 2010-11 169,542 1,339 594 9 39 268 429 2011-12* 167,310 665 12 9 22 133 489 * Partial Year due to the dissolution of The Visalia Community Redevelopment Agency on February 1, 2012
Source: County of Tulare and City of Visalia Finance Department Tax Debt
Fis cal Year Revenues Service Coverage
2008-09 488$ 220$ 222%
2009-10 434 225 193%
2010-11 429 230 187%
2011-12* 489 240 204%
2012-13** 245 245 100%
2013-14** 255 255 100%
2014-15** 260 260 100%
2016-2020** 1,065 1,065 100%
2021-2025** 1,005 1,005 100%
2025-2027** 460 460 100% * Partial Year due to the dissolution of The Visalia Community Redevelopment Agency on February 1, 2012
**The 2003 Bonds have been accepted by the California Department of Finance as enforceable obligations. As a result, the County of Tulare will provide former tax increment revenues to the Successor Agency of the City of Visalia for payment of the 2003 Bonds.
Source: City of Visalia Finance Department
Table 9
Successor Agency of The City of Visalia
Eas t Vis alia Redevelopment Project
Projected Debt Service Coverage
(000's Omitted)
233
Rating Changes for 2003 Tax Allocation Refunding Bonds (East Visalia Redevelopment Project)
· On August 10, 2010, Standard & Poor’s upgraded the 2003 Bonds from BBB to A -, the last rating analysis that the City has received.
Certificates of Participation – 2014 Refunding Certificates of Participation
The 2014 Refunding Certificates of Participation required the following continuing disclosures that are not already included as part of the City’s Annual Comprehensive Financial Report (ACFR):
Balance of the Reserve Fund as of January 1
Rating Changes
The reserve fund for the 2014 Refunding Certificates of Participation consists of an Assured Guaranty Municipal Bond Insurance Policy. The market value of the bond insurance in place at January 1, 20 23 was $797,250.00.
Rating Changes for 2014 Refunding Certificates of Participation
· On June 12, 2014, Standard & Poor’s issued a rating for the 2014 Refunding Certificates of Participation of A+. On January 6, 2021, Standard & Poor’s reaffirmed the A+ rating. This is the latest rating analysis that the City has received for this issue.
Certificates of Participation – 2015 Certificates of Participation
The 2015 Certificates of Participation required the following continuing disclosures that are not already included as part of the City’s Annual Comprehensive Financial Report (ACFR):
Balance of the Reserve Fund as of January 1
Rating Changes
The reserve fund for the 2015 Certificates of Participation consists of an Assured Guaranty Municipal Bond Insurance Policy. The market value of the bond insurance in place at January 1, 2023 was $1,578,737.50.
Rating Changes for 2015 Certificates of Participation
· On August 21, 2015, Standard & Poor’s issued a rating for the 2015 Certificates of Participation of A+. On January 6, 2021, Standard & Poor’s reaffirmed the A+ rating. This is the latest rating analysis that the City has received for this issue.
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