In a new report, financial reporting think tank Truth In Accounting said Tulsa has the 13th-best finances out America’s 75 largest cities.
Truth In Accounting said the city is $54 million short in assets of being able to pay all of its bills, which total nearly $1.1 billion and include bond debt for things other than capital assets and unfunded retiree benefits.
"It’s kind of like if I had a credit card bill, I’ve charged those things in the past, and then I’m going to have to pay my balance off over time. Those are prior costs that they’ve chosen to push on to future taxpayers," said Truth In Accounting founder and CEO Sheila Weinberg.
Truth In Accounting does not give specific financial advice based on its analysis.
"You know, you have a long-term cash shortfall, there’s only two ways to fix that. Either bring more money in and/or take less money out," Weinberg said.
Each Tulsa taxpayer's share of the shortfall is $500, the lowest Taxpayer Burden in the report. Twelve cities have surpluses, ranging from $100 per taxpayer in Arlington, Texas, to $4,400 in Irvine, California.
Truth In Accounting’s review is based on 2017 financial and retirement plan reports.
