DC ranks No. 3 in the nation for fiscal health

A new report on the financial condition of the 75 most populous cities ranks Washington, D.C., No. 3 in the nation.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found D.C. has a $872 million in assets available to pay future bills. This surplus equates to $3,300 for each city taxpayer.

According to the watchdog’s annual Financial State of the Cities report, D.C. has $4.1 billion in bills and $5 billion in available assets to pay those bills after capital and restricted assets are excluded. This results in a $872 million surplus, or a $3,300 Taxpayer Surplus™, which is each taxpayer's share of the municipal surplus after its available assets have been tapped. TIA's Taxpayer Surplus indicator incorporates both assets and liabilities, not just pension debt.

Unlike the majority of cities analyzed in the report, the District’s pension plans are well-funded. Not only does the nation’s capital have enough assets available to not only cover its future obligations, but the plans actually are over-funded by a combined $731.1 million.

The bottom line is that D.C. hypothetically could write a check for $3,300 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 D.C.’s individual report here.