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CITY OF ELK RIVER <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br />NOTE 12 POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) <br />F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of <br />Resources Related to OPEB <br />For the year ended December 31, 2019, the City and Utilities recognized total OPEB <br />expense of $176,219. At December 31, 2019, the Utilities did not report any deferred <br />outflow of resources and deferred inflows of resources related to OPEB. At <br />December 31, 2019, the City reported deferred outflow of resources and deferred inflows <br />of resources related to OPEB from the following sources: <br />Changes in Assumptions $ <br />Gain or Loss <br />Contributions Subsequent Measurement Date <br />City of Elk River <br />Deferred Deferred <br />Outflows of Inflows of <br />Resources Resources <br />51,790 <br />23,881 <br />74,961 <br />Total $ 51,790 $ 98,842 <br />A total of $51,790 reported as deferred outflows or resources related to OPEB resulting <br />from city contributions subsequent to the measurement date will be recognized as a <br />reduction of the total OPEB liability in the year ended December 31, 2020. Other <br />amounts reported as deferred outflows and inflows of resources related to the plan will <br />be recognized in OPEB expense as follows: <br />Year Endina December 31 <br />NOTE 13 OTHER INFORMATION <br />A. Risk Management <br />OPEB Expense <br />Amount <br />2020 <br />$ (16,475) <br />2021 <br />(16,475) <br />2022 <br />(16,475) <br />2023 <br />(16,475) <br />2024 <br />(16,474) <br />Thereafter <br />(16,468) <br />Total <br />$ (98,842) <br />The City is exposed to various risks of loss related to torts; theft of damage to and <br />destruction of assets; errors and omissions; injuries to employees; and natural disasters <br />for which the City carries insurance. The City obtains insurance through participation in <br />the League of Minnesota Cities Insurance Trust (LMCIT) which is a risk sharing pool with <br />approximately 800 other governmental units. The City pays an annual premium to <br />LMCIT for its workers compensation and property and casualty insurance. The LMCIT is <br />self-sustaining through member premiums and will reinsure for claims above a <br />prescribed dollar amount for each insurance event. Settled claims have not exceeded <br />the City's coverage in any of the past three fiscal years. <br />(77) <br />