6.2. SR 06-19-2017 - Laserfiche WebLink

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CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDING DECEMBER 31, 2016 NOTE 9 DEFINED BENEFIT PENSION PLANS —STATE-WIDE (CONTINUED) D. Pension Costs (Continued) 1. GERF Pension Costs (Continued) At December 31, 2016, the HRA reported its proportionate share of the GERF's deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows Description of Resources of Resources Differences Between Expected and Actual Economic Experience $ 203 $ 5,590 Changes in Actuarial Assumptions 14,842 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 7,683 - Changes in Proportion and Differences Between City Contributions and Proportionate Share of Contributions - 3,948 City Contributions Subsequent to the Measurement Date 2,213 - Total $ 24,941 $ 9,539 A total of $2,213 reported as deferred outflows of resources related to pensions resulting from HRA contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending December 31, 2016. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Endinq December 31, Amount 2017 $ 3,024 2018 1,452 2019 6,228 2020 2,485 2. PEPFF Pension Costs At December 31, 2016, the City reported a liability of$12,280,312 for its proportionate share of the PEPFF's net pension liability. The net pension liability was measured as of June 30, 2016, 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, 2015, through June 30, 2016, relative to the total employer contributions received from all of PERA's participating employers. At June 30, 2016, the City's proportion was .3060%, an increase of .002% from the June 30, 2015 measurement date. (61)