Laserfiche WebLink
CITY OF ELK RIVER, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br />59 <br />NOTE 9: DEFINED BENEFIT PENSION PLANS – STATE-WIDE - CONTINUED <br />D.Pension Costs (Continued) <br />For the year ended December 31, 2017, the City and HRA recognized pension expense of $433,969 and $2,109, <br />respectively, for its proportionate share of the GERF’s pension expense. In addition, the City and HRA recognized an <br />additional $3,478 and $34, respectively, for its proportionate share of the State of Minnesota’s contribution of $6 million <br />to GERF. <br />At December 31, 2017, the City reported its proportionate share of GERF’s deferred outflows of resources and deferred <br />inflows of resources related to pensions from the following sources: <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />Differences between expected and <br />actual experience 316,640$ 623,399$ <br />Changes in actuarial assumptions 1,596,734 960,180 <br />Net difference between projected and <br />actual earnings on plan investments - 413,315 <br />Changes in proportion 444,504 290,019 <br />Contributions to GERF subsequent <br />to the measurement date 365,123 - <br />Total 2,723,001$ 2,286,913$ <br />A total of $365,123 reported as deferred outflows of resources related to pensions resulting from City contributions <br />subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended <br />December 31, 2018. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions <br />will be recognized in pension expense as follows: <br />Pension Expense <br />Year Ending December 31,Amount <br />2018 (123,398)$ <br />2019 663,853 <br />2020 (62,922) <br />2021 (406,568)