Notes to SEFA
The financial reporting entity, as defined by the Governmental Accounting Standards Board (GASB), consists of the primary government, which is the City of Visalia, California (the City); organizations for which the primary government is financially accountable; and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to, and does not, present the financial position of the City.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The City has not elected to use the de minimis indirect cost rate as described in 2 CFR 200.414. JUNE 30, 2025
The following loan program balances and transactions relating to these programs are included in the City’s basic financial statements. The Schedule of Expenditures of Federal Awards includes beginning-of- year loan balances of $17,481,610 for purposes of determining total Federal awards expended (2 CFR 200.502(b)). The balances below represent outstanding loans at June 30, 2025: See the Notes to the SEFA for chart/table
The City provided federal funds to the following recipients: See the Notes to the SEFA for chart/table