Laserfiche WebLink
<br /> 87 <br />City of Elk River <br />Notes to Basic Financial Statements <br /> <br /> <br />NOTE 12 – PENSION PLANS (CONTINUED) <br /> <br />Public Employees' Retirement Association (Continued) <br /> <br />D. Pension Costs (Continued) <br /> <br />Police and Fire Fund Pension Costs (Continued) <br /> <br />At December 31, 2023, the City reported its proportionate share of the Police and Fire Plan's <br />deferred outflows of resources and deferred inflows of resources related to pensions from the <br />following sources. <br /> <br />Differences between expected and actual economic experience 1,520,273$ -$ <br />Changes in actuarial assumptions 6,456,480 7,719,530 <br />Net difference between projected and actual investment earnings - 138,390 <br />Changes in proportion 183,567 414,567 <br />Contributions paid to PERA subsequent <br /> to the measurement date 389,710 - <br />Total 8,550,030$ 8,272,487$ <br />Deferred <br />Outflows of <br />Resources <br />Deferred <br />Inflows of <br />Resources <br />The $389,710 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31, 2024. Other amounts reported as deferred outflows <br />and inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Year Ending Pension Expense <br />December 31,Amount <br />2024 268,098$ <br />2025 76,767 <br />2026 1,357,037 <br />2027 (381,250) <br />2028 (1,432,819) <br />Total (112,167)$ <br /> <br />Page 208 of 464