Pittsburgh only has $406.7 million of assets available to pay bills totaling $2.3 billion.
Because Pittsburgh doesn't have enough money to pay its bills, it has a $1.9 billion financial hole. To erase this shortfall, each Pittsburgh taxpayer would have to send $17,800 to the city.
The city is still hiding $370.8 million of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require governments to report this debt on the balance sheet.
The city's financial report was released 117 days after its fiscal year end, which is considered timely according to the 180 day standard.