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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(59) <br /> <br />NOTE 7 DEFINED BENEFIT PENSION PLANS – STATE-WIDE (CONTINUED) <br />D. Pension Costs <br />1. GERF Pension Costs <br />At December 31, 2015, the City reported a liability of $979,496 for its proportionate <br />share of the GERF’s net pension liability. The net pension liability was measured as <br />of June 30, 2015, and the total pension liability used to calculate the net pension <br />liability was determined by an actuarial valuation as of that date. The City’s <br />proportion of the net pension liability was based on the City’s contributions received <br />by PERA during the measurement period for employer payroll paid dates from July 1, <br />2014 through June 30, 2015, relative to the total employer contributions received <br />from all of PERA’s participating employers. At June 30, 2015, the City’s proportion <br />was .0189%, and increase of .002% from June 30, 2014. <br /> <br />For the year ended December 31, 2015, the City recognized pension expense of <br />$107,077 for its proportionate share of the GERF’s pension expense. <br /> <br />At December 31, 2015, the City reported its proportionate share of the GERF’s <br />deferred outflows of resources and deferred inflows of resources related to pensions <br />from the following sources: <br /> <br />Description <br />Deferred <br />Outflows of <br />Resources <br />Deferred Inflows <br />of Resources <br />Differences Between Expected and Actual <br /> Economic Experience -$ 49,384$ <br />Net Difference Between Projected and Actual <br /> Earnings on Pension Plan Investments 92,724 - <br />Changes in Proportion and Differences <br /> Between City Contributions and Proportionate <br /> Share of Contributions - 70,462 <br />City Contributions Subsequent to the <br /> Measurement Date 43,038 - <br />Total 135,762$ 119,846$