6.1. SR 06-06-2016 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2015 Note 4: DEFINED BENEFIT PENSION PLANS - STATEWIDE - CONTINUED At December 31, 2015, the City reported its proportionate share of GERF's deferred outflows of resources and deferred inflows of resources, and its contributions subsequent to the measurement date, from the following sources: Differences between expected and actual experience Changes in actuarial assumptions Net difference between projected and actual earnings on plan investments Changes in proportion Contributions to GERF subsequent to the measurement date Total Deferred Deferred Outflows Inflows of Resources of Resources 76,273 $ 375,731 456,950 - 663,408 604,627 350,936 $ 884,159 $ 1,643,766 Deferred outflows of resources totaling $350,936 related to pensions resulting from the City's contributions to GERF subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2016. Other amounts reported as deferred outflows and inflows of resources related to GERF pensions will be recognized in pension expense as follows: 2016 2017 2018 2019 PEPFF pension costs $ (340,099) (340,099) (606, 714) 176,369 At December 31, 2015, the City reported a liability of $3,454,151 for its proportionate share of the PEPFF's net pension liability. The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City's proportion of the net pension liability was based on the City's contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2014 through June 30, 2015 relative to the total employer contributions received from all of PERA's participating employers. At June 30, 2015, the City's proportionate share was 0.304 percent which was an increase of 0.005 percent from its proportion measured as of June 30, 2014. For the year ended December 31, 2015, the City recognized pension expense of $366,161 for its proportionate share of PEPFF's pension expense. The City also recognized for the year ended December 31, 2015 $27,360 as pension grant revenue for its proportionate share of the State of Minnesota's on -behalf contributions to the PEPFF. Legislation passed in 2013 required the State of Minnesota to begin contributing $9 million to the PEPFF each year, starting in fiscal year 2014. -76-