6.2. SR 06-17-2019 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2018 NOTE 9: DEFINED BENEFIT PENSION PLANS — STATE-WIDE - CONTINUED D. Pension Costs (Continued) For the year ended December 31, 2018, the City and HRA recognized pension expense of $224,874 and $640, respectively, for its proportionate share of the GERF's pension expense. In addition, the City and HRA recognized an additional $60,865 and $396, respectively, for its proportionate share of the State of Minnesota's contribution of $16 million to GERF. At December 31, 2018, the City reported its proportionate share of GERF's deferred outflows of resources and deferred inflows of resources related to pensions 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 $ 210,914 $ 218,272 758,465 894,267 - 836,618 283,923 385,662 370,798 - $ 1,624,100 $ 2,334,819 A total of $370,798 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2019. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending December 31, 2019 2020 2021 2022 59 Pension Expense Amount $ 278,813 (425,931) (768,282) (166,117)