Chula Vista only has $157.4 million of assets available to pay bills totaling $323.9 million.
Because Chula Vista doesn't have enough money to pay its bills, it has a $166.4 million financial hole. To erase this shortfall, each Chula Vista taxpayer would have to send $2,100 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Chula Vista must report its pension debt on its balance sheet. However, the city still excludes $3.4 million of retirement obligations, which consist entirely of retiree healthcare liabilities. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities on the balance sheet as well.
The city's financial report was released 167 days after its fiscal year end, which is considered timely according to the 180 day standard.