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NOTE 9 <br />CITY OF ELK RIVER, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2020 <br />DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />D. Pension Costs (Continued) <br />1. GERF Pension Costs (Continued) <br />At December 31, 2020, the HRA 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 />HRA Contributions Subsequent to the Measurement Date <br />Total <br />Deferred Deferred <br />Outflows of Inflows of <br />Resources Resources <br />469 <br />887 <br />1,888 <br />2,304 <br />$ 5,548 <br />194 <br />1,903 <br />723 <br />$ 2,820 <br />A total of $2,304 reported as deferred outflows of resources related to pensions <br />resulting from HRA contributions subsequent to the measurement date will be <br />recognized as a reduction of the net pension liability in the year ending <br />December 31, 2021. Other amounts reported as deferred outflows and inflows of <br />resources related to pensions will be recognized in pension expense as follows: <br />Pension <br />Expense <br />Year Ending December 31, Amount <br />2021 $ (2,964) <br />2022 623 <br />2023 1,523 <br />2024 1,242 <br />2. PEPFF Pension Costs <br />At December 31, 2020, the City reported a liability of $3,951,685 for its proportionate <br />share of the Police and Fire Fund's net pension liability. The net pension liability was <br />measured as of June 30, 2020 and the total pension liability used to calculate the net <br />pension liability was determined by an actuarial valuation as of that date. The City's <br />proportion of the net pension liability was based on the City's contributions received <br />by PERA during the measurement period for employer payroll paid dates from July 1, <br />2019 through June 30, 2020 relative to the total employer contributions received from <br />all of PERA's participating employers. At June 30, 2020, the City's proportionate <br />share was .2998% at the end of the measurement period and .3175% for the <br />beginning of the period. <br />(64) <br />