Laserfiche WebLink
City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 12 — PENSION PLANS (CONTINUED) <br />Defined Benefit Pension Plan — Volunteer Firefighter's Relief Association (Continued) <br />G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources <br />Related to Pensions <br />For the year ended December 31, 2022, the City recognized pension expense of $708,795. At <br />December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources <br />related to pensions from the following sources: <br />Differences between expected and actual liability <br />Changes in actuarial assumptions <br />Net collective difference between projected <br />and actual investment earnings <br />Contributions paid to the plan subsequent <br />to the measurement date <br />Total <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ 16,911 <br />$ 171,584 <br />82,173 <br />- <br />287,348 <br />$ 381,742 $ 458,932 <br />The $282,658 reported as deferred outflows of resources related to pensions resulting from contributions <br />subsequent to the measurement date will be recognized as a reduction of the net pension liability in the <br />year ended December 31, 2023. Other amounts reported as deferred outflows and inflows of resources <br />related to pensions will be recognized in pension expense as shown on the following page: <br />91 <br />