Plano ranked no. 9 in the nation for fiscal health

A new report on the financial condition of the 75 most populous cities ranked Plano no. 9 in the nation. The report is based on the cities’ 2019 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 Plano had $164 million available to pay future bills. This surplus equated to $2,000 for each city taxpayer.

According to the watchdog's annual Financial State of the Cities report, Plano owed $410.3 million in bills and had $574.3 million in available assets to pay those bills after capital and restricted assets were excluded. This results in a $164 million surplus, or a $2,000 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. COVID-19 has made it more important than ever that governments are transparent about their financial situation. A strong and healthy balance sheet has enabled governments to have confidence in moving quickly and aggressively to address COVID-19.

The bottom line is that Plano hypothetically could write a check for $2,000to 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 Plano’s individual report here.