Portland only has $1 billion of assets available to pay bills totaling $5.5 billion.
Because Portland doesn't have enough money to pay its bills, it has a $4.4 billion financial hole. To erase this shortfall, each Portland taxpayer would have to send $21,400 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Portland must report its pension debt on its balance sheet. However, the city still excludes $399.6 million of retirement obligations, which consist partially of retiree healthcare liabilities. The majority of the hidden debt actually comes from promised pension benefits that haven’t been recognized yet because the financial report was prepared using outdated figures.
The city's financial report was released 138 days after its fiscal year end, which is considered timely according to the 180 day standard.