Washington only has $40 billion of assets available to pay bills totaling $64.1 billion.
Because Washington doesn't have enough money to pay its bills, it has a $24.1 billion financial hole. To fill it, each Washington taxpayer would have to send $9,100 to the state.
Washington has delayed the recognition of changes in its pension liability. As a result of this and other deferrals, the state's overall net position is inflated by $1.3 billion.
The reported pension liability is understated by $4.6 billion because outdated valuations were used in preparation of the report. Furthermore, the state is still hiding $7.3 billion of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.
The state's financial report was released 125 days after its fiscal year end, which is considered timely according to the 180 day standard.