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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 12 — 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, 2022, 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 Deferred <br />Outflows of Inflows of <br />Resources Resources <br />$ 106,772 $ 131,158 <br />2,788,712 48,706 <br />372,317 - <br />366,660 - <br />468,842 - <br />$ 4,103,303 $ 179,864 <br />The $468,842 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ended December 31, 2023. Other amounts reported as deferred outflows and <br />deferred inflows of resources related to pensions will be recognized in pension expense as follows: <br />Year Ending <br />December 31, <br />2023 <br />2024 <br />2025 <br />2026 <br />Total <br />Pension <br />Expense <br />Amount <br />$ 1,327,715 <br />1,274,994 <br />(304,136) <br />1,156,024 <br />$ 3,454,597 <br />