206
Fiscal Year Certi fi cates P ercent of Debt
Ended of Lease SBITA A ssessed Per
June 30 Participation L iabilitie s L iabilitie s Total Val ue 1 Capita 2016 13,670$ -$ -$ 13,670$ 0.15% 105 2017 12,827 - - 12,827$ 0.13% 96 2018 11,985 - - 11,985$ 0.12% 88 2019 11,146 - - 11,146$ 0.11% 81 2020 10,301 - - 10,301$ 0.09% 74 2021 9,419 - - 9,419$ 0.08% 67 2022 8,492 723 - 9,215$ 0.07% 65 2023 7,522 679 732 8,933$ 0.06% 62 2024 6,505 616 2,411 9,532$ 0.06% 66 2025 5,436 608 1,916 7,960$ 0.05% 54 1Assessed value has been used because the actual value of taxable prope rty is not re adily available in the State of California.
General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds.
CITY OF VISALIA
RATIO OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
(In Thousands, except Debt per Capita)
Outstanding General Bonded Debt
Net of Resources Restri cted for Debt
207
NOTE:
1Percentage of overlapping agency's assessed valuation located within boundaries of the City
Source: Avenu Muni Services
2024-25 City Assessed Valuation 17,183,867$
Successor Agency Incremental Valuation (2,448,398)
Total A ssessed Valuation 14,735,469$
Estimated
Share of
Percentage Outstanding Overlapping
Applicable 1 Debt 6/30/25 Debt
Overlapping Tax and Assessment Debt:
Colle ge of the Se quoias Tulare School Facilitie s Im prove m e nt District 0 .588% 53,111$ 312$ Colle ge of the Se quoias Visalia School Facilitie s Im prove m e nt District 69.240% 118,724 82,204 Visalia Unifie d School District 86.748% 149,370 129,575 Tulare Joint Union High School District 0.775% 9,380 73 L ibe rty School District 15.717% 172 27 Kawe ah De lta Hospital District 85.625% 33,330 28,539 City of Visalia 1915 Act Bonds 100.000% 133 133 Total Overlapping Tax and Assessment Debt 364,220 240,864 Direct and Overlapping General Fund Debt:
Tulare County Ce rtificate s of Participation 34.347% 33,561 11,527 Tulare County Pension Obligation Bonds 34.347% 177,745 61,050 Tulare County Board of Education Certificates of Participation 34.347% 31,770 10,912 Visalia Unifie d School District Ce rtificate s of Participation 86.748% 25,930 22,494 Tulare Joint Union High School District General Fund Obligations 0.775% 115 1 L ibe rty School District Ce rtificate s of Participation 15.717% 1,880 295 City of Visalia General Fund Obligations 100.000% 7,978 7,978 Total Direct and Overlapping General Fund Debt 278,979 114,257 Overlapping Tax Increment Debt (Successor Agency) 100.000% 460 460 Total Direct Debt 7,978 7,978
Total Overlapping Debt 635,681 347,603
Combined Total Debt 643,659$ 355,581$
CITY OF VISALIA
DIRECT AND OVERLAPPING DEBT
JUNE 30, 2025
(In Thousands)
208
CITY OF VISALIA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
(In Thousands)
NOTE:
The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.
Source: City Finance Department
Tulare County Tax Assessor’s Office
2016 2017 2018 2019
Assessed valuation 9,110,634$ 9,580,740$ 10,001,046$ 10,601,276$ Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 2,277,659 2,395,185 2,500,262 2,650,319 Debt limit percentage 15% 15% 15% 15%
Debt limit 341,649 359,278 375,039 397,548 Total net debt applicable to limit:
General obligation bonds - - - - Legal debt margin 341,649$ 359,278$ 375,039$ 397,548$ Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
Fiscal Year
209
2020 2021 2022 2023 2 024 2025
11,145,062$ 11,789,750$ 12,516,423$ 14,684,266$ 15,784,770$ 17,183,867$ 25% 25% 25% 25% 2 5% 25%
2,786,266 2,947,438 3,129,106 3,671,067 3,946,193 4,295,967 15% 15% 15% 15% 1 5% 15%
417,940 442,116 469,366 550,660 591,929 644,395 - - - - - - 417,940$ 442,116$ 469,366$ 550,660$ 591,929$ 644,395$
0.0% 0.0% 0.0% 0.0% 0 .0% 0.0%
Fiscal Year
210
Fiscal Year Less: Net Debt
Ended Operating Operating A vailable Servi ce
June 30 Revenue Expenses Revenue Principal Interest Coverage 2016 25,504$ 11,778$ 13,726$ -$ -$ - 2017 26,822 12,863 13,959 - - - 2018 27,060 13,561 13,499 - - - 2019 28,057 15,062 12,995 2,340 2,025 2.98 2020 27,479 16,163 11,316 2,389 1,976 2.59 2021 27,862 15,734 12,128 2,438 1,926 2.78 2022 30,975 19,525 11,450 2,491 1,875 2.62 2023 30,013 19,653 10,360 2,543 1,822 2.37 2024 32,164 20,755 11,409 2,596 1,769 2.61 2025 33,928 24,607 9,321 2,651 1,714 2.14 Debt Servi ce
Cl eanwater State Revol vi ng Fund Loan
CITY OF VISALIA
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
(In Thousands)
Wastewater & Storm Sewer Mai ntenance Fund
Note:
State Revolving Fund loan has pledged enterprise revenue agreement.
Details regarding the City's outstanding debt can be found in the notes to the financial statements Operating expenses do not include interest or depreciation expenses.
211
Per
A ssessed Capita Personal Per Capi ta Unemployment
Calendar Population Val ue A ssessed Income Personal Rate Year (1) (in thousands) (2) Val ue (in thousands) (3) Income (3) (4) 2016 130,231 9,110,634 69,957 17,578,692 38,145 10.3% 2017 133,151 9,580,740 71,954 18,466,575 39,756 9.9% 2018 136,246 10,001,046 73,404 18,679,327 40,206 9.6% 2019 138,207 10,601,276 76,706 19,973,932 42,845 9.1% 2020 138,649 11,145,062 80,383 21,722,554 46,348 17.1% 2021 141,279 11,789,750 83,450 22,891,980 47,986 11.1% 2022 142,066 12,516,423 88,103 22,585,661 47,295 7.4% 2023 142,968 14,684,266 102,710 23,135,829 48,253 10.1% 2024 144,532 17,183,867 118,893 NA NA 10.0% 2025 146,978 17,183,867 116,915 NA NA 10.8%
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 2023.
212
Percent of Percent of
Number of Total Number of Total
Employer Employees Rank Employment Employees Rank Employment Kaweah Delta Healthcare 5,390 1 2.66% 2,132 3 1.15% County of Tulare 3,437 2 1.69% 4,892 1 2.64% Visalia Unified School District 3,339 3 1.65% 2,527 2 1.36% Amazon Fulfillment Center (FAT2 & HLA6) 2,008 4 0.99% NA N A City of Visalia 910 5 0.45% 591 6 0.32% Walmart Supercenters & Neigborhood Market* 836 6 0.41% 400 8 0.22% College of the Sequoias - Visalia Campus 714 7 0.35% 1,160 4 0.63% VF Outdoor Distibution 609 8 0.30% 450 7 0.24% California Dairies Inc 490 9 0.24% NA N A Graphic Packaging (formerly International Paper)* 435 10 0.21% 350 9 0.19% CIGNA Health Care NA NA 700 5 0 .38%
Jostens NA NA 320 10 0 .17%
Number of Employed (1) 72,800 NA
Number of Employed (2) 202,900 185,600
CITY OF VISALIA
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2025 2016
Source: 2025: MuniServices, LLC / Neumo
2016: FY 2016, City of Visalia Comprehensive Annual Financial Report For the Year Ended June 30, 2016 (1) State of California Employment Development Department - City of Visalia (2) State of California Employment Development Department - Visalia Metropolitan Statistical Area Notes: 2025 results based on direct correspondence with the city's local businesses. * Includes FTE & PTE.
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Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Administration 46 47 64 64 64 18 18 43 30 30 Administrative Services NA NA NA NA NA NA NA 26 14 14 Community Development 65 65 79 79 77 35 35 39 NA NA Engineering Services NA NA NA NA NA NA NA NA 48 50
Finance & Technology Services 20 20 27 27 27 52 52 55 55 56 Fire 82 81 81 85 85 86 86 89 89 89 General Services NA NA NA NA NA 46 46 NA NA NA
Housing & Community Grants NA NA NA NA 2 NA NA NA NA NA Community Services 12 12 13 13 13 39 39 50 NA NA Parks & Recreation NA NA NA NA NA NA NA NA 54 58
Planning & Community Preservation NA NA NA NA NA NA NA NA 22 22 Police 208 208 223 230 234 237 239 247 248 251 Public Works 139 141 143 144 144 144 144 127 132 135 Transportation & General Services 27 29 NA NA NA NA NA NA NA NA Total 599 603 630 642 646 657 659 676 692 705
(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
2016 2017 2018 2019
Police:
Calls for service - Calendar Year* 144,856 144,489 153,701 158,783 Fire:
Calls for service - Calendar Year* 14,065 14,283 15,301 15,229 Refuse/Sewer**:
Number of Residential Accounts 37,884 38,014 38,579 41,638 Number of Commercial Accounts 3,758 4,043 3,993 3,654 Total Refuse/Sewer Accounts 41,642 42,057 42,572 45,292 Business Licenses:
New licenses issued during the year 1,201 1,375 1,955 1,586 Total business licenses 12,145 12,098 12,268 12,241 Building Permits:
Residential 3,152 2,793 2,865 3,049
Commercial 349 355 381 319
Miscellaneous 1,648 1,745 1,497 1,970
Total Building Permits 5,149 4,893 4,743 5,338 Source: City of Visalia
Note:
* 2024 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
2020 2021 2022 2023 2024 2025
160,465 158,189 158,836 159,159 138,548 129,325
16,180 15,885 16,630 17,135 17,536 18,093 39,494 39,076 40,397 42,870 41,586 42,140 3,254 3,360 3,441 3,598 3,352 3,456 42,748 42,436 43,838 46,468 44,938 45,596 1,409 1,236 1,525 1,663 1,724 2,059 12,315 12,505 12,953 13,126 13,473 13,990 2,753 3,367 4,068 4,273 2,262 2,038 319 270 343 345 345 345 1,962 2,025 2,223 1,983 2,530 3,031 5,034 5,662 6,634 6,601 5,137 5,414 Fiscal Year
216
2016 2017 2018 2 019
Police:
Stations 3 3 3 3 Fire:
Fire stations 6 6 6 6 Public Works:
City Area in Square Miles 37 3 8 38 38 Streets (miles) 512 5 16 516 525 Traffic Signalized Intersections 120 1 23 123 126 Community Services:
Developed City Park Acreage 281 2 69 269 269 City Owned Open Space Acreage 282 2 89 289 289 Public Libraries 1 1 1 1 Recreation Centers 5 5 5 5 Swimming Pools 0 0 0 0
Parks 52 5 4 54 54
Acres of Parks 290 2 86 286 286 Wastewater:
Sanitary sewers (miles) 468 5 07 508 508 Storm sewers (miles) 240 2 76 277 277 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
2020 2021 2022 2023 2024 2025
3 3 3 3 3 3 6 6 6 6 6 6 38 38 38 38 40 40 528 519 519 519 525 534 127 131 131 132 132 132 269 293 293 293 293 293 289 266 266 266 266 266 1 1 1 1 1 1 5 5 5 5 5 5 0 0 0 0 0 0
54 58 58 58 58 58 286 314 314 314 314 314 508 508 508 508 510 510 277 277 277 279 280 280 1 1 1 1 1 1 Fiscal Year
218
CITY OF VISALIA
INSURANCE IN FORCE
FISCAL YEAR ENDED JUNE 30, 2025
Type Coverage Underwriter Limits of Coverage Deductibles Policy Number Period of Policy Primary
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 $50,000,000; total
limits $60,000,000 $1,000,000 SIR 07/01/24 to 06/30/25
Commercial Property Policy Allianz
Business Real Property, Business Personal
Property limit $347 mil; Business Income/Extra
Exp $10m
$50,000 bldg;
$5k contents; USC007189200 07/01/24 to 06/30/25
Primary Pollution Liability (Underground Storage Tank)
Great American
Insurance Group $1 mil liability; $1 mil aggregate $5k deductible STPE95970200 10/31/24 - 10/31/25 Primary Excess Workers Compensation Safety National
XS work comp, loss control fees; admin fees;
broker fees. $25 million limits $1 mil SIR SP4067096 07/01/24 to 06/30/25 Primary Excess Health & Medical Coverage PRISM Risk Healthcare Pooling Program None 1/1/25 to 12/31/25 Ancillary 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 Ancillary Cyber Insurance CFC 5 mil aggregate; 100,000 ESM0239808230 11/4/24 - 11/4/25 Ancillary
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 07/01/24 to 06/30/25
Ancillary Crime Policy/ Bond - General
Fidelity and Deposit
Companies Commercial Crime Policy; $5,000,000
$100,000
deductible CCP312216901 4/27/24 to 4/27/25
Ancillary Crime Policy/Bond - Police
Fidelity and Deposit
Companies Commercial Crime Policy; $5,000,000
$100,000
deductible CCP312217101 4/27/24 to 4/27/25
Ancillary EAP CuraLink 6 visits per insured member per year 7/1/2022 - 6/30/25 Long Term Disability (LTD) Sun Life
66% of pre-disability earnings up to $5,000
monthly benefit 234707 1/1/25 to 12/31/25
Life Insurance Sun Life
City Manager 2X Annual Salary; Department
Head Group $75,000; All Other Employees
$30,000 234707 1/1/25 to 12/31/25
Dental
Preferred
Benefits/Delta
Dental
$1,000 maximum annual benefit paid per
insured (retirees and their dependents are not
eligible for dental) 8244 1/1/25 to 12/31/25
Vision Vision Service Plan Annual benefits with VSP provider ID #00849301 1/1/25 to 12/31/25 219
Compliance
Section
220
221
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
222
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 2024-25 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 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 2024 282,441,614 35,076,789 651,803 318,170,206 71,719,119 2025 299,633,502 37,306,562 651,803 337,591,867 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
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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 2024-25 Percentage of
Property Owner Total Assessed Value Total (1)
1 Hotel Circle GL Holding LLC 17,056,464$ 5. 05% 2 Donald John & Shelly Kaye Groppetti 15,850,137 4.70% 3 Willow Street Development Co LLC 10,560,044 3.13% 4 Kenneth J. Curti (TR) 9,095,671 2.69% 5 Visalia Land & Investment Co LLC 9,079,020 2.69% 6 United Rentals North America Inc. 8,916,850 2.64% 7 CRG Development LP 6,815,936 2.02%
8 Z5 LLC 3,433,885 1.02%
9 Larry J. Ritchie 3,216,603 0.95%
10 Cary S. Winslow 2,735,594 0.81%
86,760,204$
(1) Fiscal Year 2024-25 assessed valuation: $337,591,867 Source: Tulare County Auditor Controller's Office
Table 6
SUCCESSOR AGENCY OF THE CITY OF VISALIA
EAST VISALIA REDEVELOPMENT PROJECT AREA
TOP TEN TAXPAYERS
BASED UPON 2024-25 ASSESSED VALUATION
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With the dissolution of redevelopment agencies, successor agencies will only receive property tax revenues sufficient to pay debt service. As a result, the County of Tulare will provide the City’s successor agency tax increment equal to the debt service for that year. In other words, debt service coverage will be 1.0 and projected receipts will be equal to debt service.
Table 8
Successor Agency of The City of Visalia
Eas t Vis alia Redevelopment Project
Tax Revenues
(000s Omitted)
Tota l Asse sse d Tax Senior Tax Section 33676 County Housing Tax Fis cal Year Valuation Increment Sharing Adjustment Admin Fees Set-Aside Revenues 2008-09 160,739$ 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)
225
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 25 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, 2025 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.
226