Laserfiche WebLink
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 />Police and Fire Fund Pension Costs (Continued) <br />At December 31, 2021, the City reported its proportionate share of the Police and Fire Plan's deferred <br />outflows of resources and deferred inflows of resources related to pensions from the 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 Deferred <br />Outflows of Inflows of <br />Resources Resources <br />$ 459,528 $ - <br />3,533,911 1,328,340 <br />- 4,610,692 <br />251,306 168,378 <br />345,003 - <br />$ 4,589,748 $ 6,107,410 <br />The $345,003 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and inflows <br />of resources related to pensions will be recognized in pension expense as follows: <br />Pension <br />Year Ending Expense <br />December 31, Amount <br />2022 <br />$(1,580,891) <br />2023 <br />(310,532) <br />2024 <br />(289,621) <br />2025 <br />(480,953) <br />2026 <br />799,332 <br />Total $ (1,862,665) <br />:• <br />