In their Financial State of the Cities 2025 report, Truth in Accounting studied eight Texas cities and found their cumulative debt is a steep $37.45 billion. Austin had the highest share with $9.8 billion in debt, while Plano had the least at $467.9 million. “The data confirms what most people suspect—Texas’ local governments are addicted to debt. And that has major consequences for today’s taxpayers and tomorrow’s Texans,” James Quintero of the Texas Public Policy Foundation stated.