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95 <br />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, 2024, the City recognized pension expense of $194,814. At <br />December 31 , 2024, the City reported deferred outflows of resources and deferred inflows of <br />resources related to pensions from the following sources: <br />Deferred Deferred <br />Outflows of Inflows of <br />Resources Resources <br />Differences between expected and actual liability 12,473$ 227,737$ <br />Changes in actuarial assumptions 36,447 8,630 <br />Net difference between projected and actual earnings on <br /> pension plan investments 211,672 - <br />Contributions subsequent to the measurement date 356,633 - <br /> Total 617,225$ 236,367$ <br />The $356,633 reported as deferred outflows of resources related to pensions resulting from <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31 , 2025. Other amounts reported as deferred outflows <br />and inflows of resources related to pensions will be recognized in pension expense as shown below: <br />Pension <br />Year Ending Expense <br />December 31,Amount <br />2025 8,082$ <br />2026 40,740 <br />2027 85,745 <br />2028 (60,488) <br />2029 (18,549) <br />Thereafter (31,305) <br />Total 24,225$ <br />Page 285 of 637