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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2015 <br /> <br />54 <br /> <br />Note 6 PENSION PLANS (CONTINUED) <br />A. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA) - DEFINED BENEFIT <br />PLANS (CONTINUED) <br /> PENSION COSTS (CONTINUED) <br />1. GERF Pension Costs (Continued) <br />At December 31, 2015, the City reported its proportionate share of the GERF’s deferred outflows <br />of resources and deferred inflows of resources related to pensions from the following sources: <br />Description <br />Deferred Outflows <br />of Resources <br />Deferred Inflows of <br />Resources <br />Differences Between Expected and Actual Economic <br />Experience -$ 107,128$ <br />Changes in Actuarial Assumptions - - <br />Net Difference Between Projected and Actual Earnings <br />on Pension Plan Investments 201,148 - <br />Changes in Proportion and Differences Between <br />District Contributions and Proportionate Share of <br />Contributions - 77,509 <br />City Contributions Subsequent to the Measurement <br />Date 89,631 - <br /> Total 290,779$ 184,637$ <br />A total of $89,631 reported as deferred outflows of resources related to pensions resulting from <br />City contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability in the year ended December 31, 2016. Other amounts reported as deferred <br />outflows and inflows of resources related to pensions will be recognized in pension expense as <br />follows: <br />Year Ended June 30 <br />Pension Expenses <br />Amount <br />2016 (11,258)$ <br />2017 (11,258) <br />2018 (11,258) <br />2019 50,285 <br />2020 - <br />Thereafter - <br />2. PEPFF Pension Costs <br />At December 31, 2015, the City reported a liability of $2,829,223 for its proportionate share of the <br />PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2015, and <br />the total pension liability used to calculate the net pension liability was determined by an actuarial <br />valuation as of that date. The City’s proportion of the net pension liability was based on the <br />City’s contributions received by PERA during the measurement period for employer payroll paid <br />dates from July 1, 2014, through June 30, 2015, relative to the total employer contributions <br />received from all of PERA’s participating employers. At June 30, 2015, the City’s proportion was <br />.249% which was the same as the City’s proportion measured as of June 30, 2014.