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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br /> <br /> <br />(58) <br /> <br />NOTE 8 DEFINED BENEFIT PENSION PLANS – STATE-WIDE (CONTINUED) <br />D. Pension Costs (Continued) <br /> <br /> City’s proportionate share of the net pension liability $1,473,127 <br /> <br />State of Minnesota’s proportionate share of the net pension <br /> liability associated with the City 43,311 <br /> <br /> Total $1,516,438 <br /> <br />For the year ended December 31, 2022, the City recognized pension expense of <br />$214,314 for its proportionate share of the General Employees Plan’s pension <br />expense. In addition, the City recognized an additional $6,456 as pension expense <br />(and grant revenue) for its proportionate share of the State of Minnesota’s <br />contribution of $16 million to the General Employees Fund. <br /> <br />At December 31, 2022, the City reported its proportionate share of the General <br />Employees Plan’s deferred outflows of resources and deferred inflows of resources <br />related to pensions from the following sources: <br /> <br />Deferred Deferred <br />Outflows of Inflows of <br />Description Resources Resources <br />Differences Between Expected and Actual <br /> Economic Experience 12,306$ 15,737$ <br />Changes in Actuarial Assumptions 333,395 5,991 <br />Net Difference Between Projected and Actual <br /> Earnings on Pension Plan Investments 25,552 - <br />Changes in Proportion and Differences <br /> Between City Contributions and Proportionate <br /> Share of Contributions 80,828 - <br />City Contributions Subsequent to the <br /> Measurement Date 53,421 - <br />Total 505,502$ 21,728$ <br />