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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 11 — PENSION PLANS (CONTINUED) <br />Public Employees' Retirement Association (Continued) <br />D. Pension Costs (Continued) <br />General Employees Fund Pension Costs (Continued) <br />At December 31, 2021, the City and HRA reported its proportionate share of the General Employees <br />Plan's deferred outflows of resources and deferred inflows of resources, related to pensions from the <br />following sources: <br />Differences between expected and actual economic experience <br />Changes in actuarial assumptions <br />Net collective difference between projected <br />and actual investment earnings <br />Changes in proportion <br />Contributions paid to PERA subsequent <br />to the measurement date <br />Total <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ 38,121 <br />$ 202,453 <br />4,051,974 <br />141,057 <br />- 5,755,651 <br />343,721 - <br />447,349 - <br />$ 4,881,165 $ 6,099,161 <br />The $447,349 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and <br />deferred inflows of resources related to pensions will be recognized in pension expense as follows: <br />Year Ending <br />December 31, <br />2022 <br />2023 <br />2024 <br />2025 <br />Total <br />Pension <br />Expense <br />Amount <br />$ (130,855) <br />42,909 <br />(9,811) <br />(1,567,588) <br />$ (1,665,345) <br />ME <br />