Tulsa only has $846.2 million of assets available to pay bills totaling $960.5 million.
Because Tulsa doesn't have enough money to pay its bills, it has a $114.3 million financial hole. To erase this shortfall, each Tulsa taxpayer would have to send $1,000 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Tulsa must report its pension debt on its balance sheet. However, the city still excludes $44.3 million of retirement obligations, which consist entirely of promised pension benefits that haven’t been recognized yet because the financial report was prepared using outdated figures.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 160 days after its fiscal year end, which is considered timely according to the 180 day standard.