Laserfiche WebLink
ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31,2015 <br /> Note 3: DEFINED BENEFIT PENSION PLANS-STATEWIDE-CONTINUED <br /> D. Pension costs <br /> GERF pension costs <br /> At December 31,2015,the Utilities reported a liability of$2,477,244 for its proportionate share of the GERF's net <br /> pension liability. The net pension liability was measured as of June 30,2015,and the total pension liability used to <br /> calculate the net pension liability was determined by an actuarial valuation as of that date. The Utilities proportion of the <br /> net pension liability was based on the Utilities contributions received by PERA during the measurement period for <br /> employer payroll paid dates from July 1,2014 through June 30,2015 relative to the total employer contributions <br /> received from all of PERA's participating employers. At June 30,2015,the Utilities proportionate share was 0.0478 <br /> percent which was a decrease of 0.0040 percent from its proportion measured as of June 30,2014. <br /> For the year ended December 31,2015,the Utilities recognized pension expense of$212,456 for its proportionate share <br /> of GERF's pension expense. <br /> At December 31,2015,the Utilities reported its proportionate share of GERF's deferred outflows of resources and <br /> deferred inflows of resources,and its contributions subsequent to the measurement date,from the following sources: <br /> Deferred Deferred <br /> Outflows Inflows <br /> of Resources of Resources <br /> Differences between expected and <br /> actual experience $ 24,896 $ 124,895 <br /> Changes in actuarial assumptions 152,351 <br /> Net difference between projected and <br /> actual earnings on plan investments - 220,522 <br /> Changes in proportion - 162,316 <br /> Contributions to GERF subsequent <br /> to the measurement date 124,192 - <br /> Total $ 301,439 $ 507,733 <br /> Deferred outflows of resources totaling$124,192 related to pensions resulting from the Utility's contributions to GERF <br /> subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended <br /> December 31,2016. Other amounts reported as deferred outflows and inflows of resources related to GERF pensions <br /> will be recognized in pension expense as follows: <br /> 2016 $ (100,162) <br /> 2017 (100,162) <br /> 2018 (188,786) <br /> 2019 58,624 <br /> 139 <br />