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<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, 2024, 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 1,636,267$ -$ <br />Changes in actuarial assumptions 4,665,665 6,159,769 <br />Net difference between projected and actual investment earnings - 1,280,049 <br />Changes in proportion 118,499 312,810 <br />Contributions paid to PERA subsequent <br /> to the measurement date 415,624 - <br />Total 6,836,055$ 7,752,628$ <br />Deferred <br />Outflows of <br />Resources <br />Deferred <br />Inflows of <br />Resources <br /> <br />The $415,624 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31, 202 5. Other amounts reported as deferred outflows <br />and inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ending Expense <br />December 31,Amount <br />2025 (185,574)$ <br />2026 1,094,703 <br />2027 (643,591) <br />2028 (1,695,150) <br />2029 97,415 <br />Total (1,332,197)$ <br /> <br />Page 277 of 637