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NOTE 9 <br />CITY OF ELK RIVER <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br />DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />D. Pension Costs (Continued) <br />1. GERF Pension Costs (Continued) <br />At December 31, 2019, the City reported its proportionate share of the GERF's <br />deferred outflows of resources and deferred inflows of resources related to pensions <br />from the following sources: <br />Description <br />Differences Between Expected and Actual Economic <br />Experience <br />Changes in Actuarial Assumptions <br />Net Difference Between Projected and Actual Earnings <br />on Pension Plan Investments <br />Changes in Proportion and Differences Between City <br />Contributions and Proportionate Share of Contributions <br />City Contributions Subsequent to the Measurement Date <br />Total <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ 231,839 <br />$ 1,403 <br />4,266 <br />638,392 <br />- <br />823,096 <br />162,714 <br />226,862 <br />394,900 <br />- <br />$ 793,719 <br />$ 1,689,753 <br />A total of $394,900 reported as deferred outflows of resources related to pensions <br />resulting from City contributions subsequent to the measurement date will be <br />recognized as a reduction of the net pension liability in the year ended December 31, <br />2020. Other amounts reported as deferred outflows and inflows of resources related <br />to pensions will be recognized in pension expense as follows: <br />Year Endina December 31 <br />2020 <br />2021 <br />2022 <br />2023 <br />Pension <br />Expense <br />Amount <br />$ (407,197) <br />(750,741) <br />(145,860) <br />12,864 <br />(62) <br />