Saint Paul only has $484.1 million of assets available to pay bills totaling $1.1 billion.
Because Saint Paul doesn't have enough money to pay its bills, it has a $610.6 million financial hole. To erase this shortfall, each Saint Paul taxpayer would have to send $5,400 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Saint Paul must report its pension debt on its balance sheet. However, the city still excludes $145.7 million of retirement obligations, which consist almost 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 177 days after its fiscal year end, which is considered timely according to the 180 day standard.