Houston had a rough year in 2017. Hurricane Harvey devastated the city, resulting in loss of life and billions of dollars in property damage. Alongside the physical turmoil, a silent financial cyclone has been growing in Houston for some time. Although Houston ranks 6th in population among the 75 most populous cities, Truth in Accounting ranks the city 59th in financial health because Houston’s finances are struggling.

Here are five things to know about the financial state of Houston:

1. Houston needs $8 billion to pay its bills.

Houston only has $4 billion in assets to pay for $12 billion in liabilities.

2. The Taxpayer Burden™ for Houston is $12,100.

Truth In Accounting estimates that each taxpayer would need to pay $12,100 for Houston to be able to pay all its debts.

3. Unfunded pensions account for $6.1 billion of the city’s debt and $2.1 billion is the result of unfunded retiree health care benefits.  

Despite new rules for financial transparency, Houston continues to hide substantial amounts of city debt from its citizens.

4. The Taxpayer Burden has been increasing since 2014.

Since 2014, Houston has increased its Taxpayer Burden by 21 percent.

5. The financial report released by Houston was timely.    

 Houston issued its Comprehensive Annual Financial Report 153 days after the fiscal year end. This time frame fits within the 180 day     accounting standard.

Houston has been digging itself into a deep financial pit over the previous three years. As a result of Hurricane Harvey, Houston’s debt will climb to pay for excessive property damage. Federal relief will help patch the financial wound that comes from infrastructure damage, but it won’t fully mend it. Federal assistance for hurricanes Katrina and Sandy only covered part of the total costs, leaving the local governments and citizens to foot the rest of the bill, according to a CNN report last year. Given this additional financial burden, and the city’s history of underfunding pension and retiree health care promises, it’s unlikely Houston’s financial position will improve any time soon.

To find out more about Houston and the other 75 most populous cities, read the full Financial State of the Cities report.