Stockton now ranks among the top 20 fiscally healthy big cities in the nation. This comes just two years after the city came out of bankruptcy.
Stockton ranked 18th among 116 cities nationwide for fiscal health according to a study by the California Policy Center for the Fiscal Times.
Stockton has had to tighten its belt over the last five years and the elimination of its retiree health care helped put the city on solid footing again.
Stockton’s Chief Financial Officer Matt Paulin says a sales tax increase through Measure A has turned the city around with the general fund reserve now standing at over $70 million.
Paulin says growing future revenues will depend upon improving the economy.
“The most productive way to do that right is creating good jobs, that’s really the trick. That’s the other side of the city’s financial equation,” says Paulin.
Six California cities were ranked at the top with Irvine at No. 1 in fiscal health, and Sacramento came in at 25th and Modesto 42nd.