6.3. SR 06-15-2020 - Laserfiche WebLink

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CITY OF ELK RIVER NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 NOTE 11 DEFINED BENEFIT PENSION PLANS —FIRE RELIEF ASSOCIATION (CONTINUED) D. Pension Costs At December 31, 2019, the City reported a net pension asset of $205,427 for the plan. The net pension liability (asset) was measured as of December 31, 2018. The total pension liability used to calculate the net pension liability (asset) in accordance with GASB 68 was determined by an actuary applying an actuarial formula to specific census data certified by the Department as of December 31, 2018. For the year ended December 31, 2019, the City recognized pension expense of $822,748. At December 31, 2019, the City reported deferred outflows of resources, including its contributions subsequent to the measurement date, related to pension from the following sources: Description Changes in Actuarial Assumptions Net Difference Between Projected and Actual Earnings on Pension Plan Investments Differences Between Expected and Actual Economic Experience City Contributions Subsequent to the Measurement Date Tota I Deferred Deferred Outflows of Inflows of Resources Resources 186,060 $ 228,434 - - 115,462 30,000 $ 444,494 $ 115,462 Deferred outflows of resources totaling $30,000 related to pensions resulting from the City's contributions to the plan subsequent to the measurement date will be recognized as a reduction of the total pension liability in the year ended December 31, 2020. Other amounts reported as deferred outflows and inflows of resources related to the plan will be recognized in pension expense as follows: Year Endina December 31. 2020 2021 2022 2023 2024 Thereafter Expense Amount $ 113,003 49,438 61,169 101,380 (11,372) (14,586)