6.1. SR 06-07-2021 - Laserfiche WebLink

Home Browse Search

NOTE 9 CITY OF ELK RIVER, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2020 DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) D. Pension Costs (Continued) 2. PEPFF Pension Costs (Continued) At December 31, 2020, the City reported its proportionate share of the PEPFF's deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Description Differences Between Expected and Actual Economic Experience Changes in Actuarial Assumptions Net Difference Between Projected and Actual Earnings on Pension Plan Investments Changes in Proportion and Differences Between City Contributions and Proportionate Share of Contributions City Contributions Subsequent to the Measurement Date Total Deferred Outflows of Resources $ 174,608 1,324,292 120,031 198,283 337,176 $ 2,154,390 Deferred Inflows of Resources $ 187,662 2,464,526 340,165 $ 2,992,353 A total of $337,176 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, 2021. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Ending December 31, Amount 2021 $ (296,567) 2022 (1,116,451) 2023 128,306 2024 157,384 2025 (47,811) Thereafter - 3. Total Pension Expense For year ended December 31, 2020, the City and HRA recognized total pension expenses of $933,166 and $2,625, respectively, for their proportionate shares of the pension expense for all of the plans in which they participate.