Stockton receives 'B' grade for fiscal health

A new report on the financial condition of the 75 most populous cities ranks Stockton no. 6 in the nation. The report is based on the cities’ 2018 comprehensive annual financial reports, which are not analyzed on this scale by any other organization.

The analysis by Truth in Accounting, a nonprofit government finance watchdog group, found Stockton has -$263.6 million in money available to pay future bills. This surplus equates to $2,600.00 for each city taxpayer.

According to the watchdog's annual Financial State of the Cities report, Stockton has $290.7 million in bills and $554.3 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $263.6 million surplus, or a $2,600.00 Taxpayer Surplus™, which is each taxpayer's share of the municipal surplus after its bills are paid.

TIA's Taxpayer Surplus indicator incorporates both assets and liabilities, including all retirement liabilities. Fiscal year 2018 was the first year city governments reported all retirement liabilities, but TIA has been including this information in their analysis for the last several years.

The bottom line is that Stockton hypothetically could write a check for $2,600.00 to each of its taxpayers after paying all of its bills, which is why it received a "B" grade for its fiscal health.

You can read the full report here and Stockton's individual report here.