Oklahoma City only has $1 billion of assets available to pay bills totaling $1.3 billion.
Because Oklahoma City doesn't have enough money to pay its bills, it has a $240.4 million financial hole. To erase this shortfall, each Oklahoma City taxpayer would have to send $1,300 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Oklahoma City must report its pension debt on its balance sheet. However, the city still excluded $136.4 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $245.7 million of retiree healthcare liabilities were also obscured from the balance sheet. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities.
The city's financial report was released 141 days after its fiscal year end, which is considered timely according to the 180 day standard.