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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />D. PENSION COSTS <br /> <br />At December 31, 2016, the City reported a net pension liability of $10,713 for the SVF plan. The net <br />pension liability was measured as of December 31, 2016. The total pension liability used to calculate <br />the net pension liability in accordance with GASB 68 was determined by PERA applying an actuarial <br />formula to specific census data certified by the fire department as of December 31, 2016. The <br />following table presents the changes in net pension liability during the year. <br /> <br />Plan Net <br />Total Fiduciary Pension <br />Pension Net Liability <br />Liability Position (Asset) <br />(a)(b)(a-b) <br />Beginning balance December 31, 2015 $21,057 $ - $21,057 <br />Changes for the year: <br />Service cost 38,419 - 38,419 <br />Interest on pension liability 3,568 - 3,568 <br />Actuarial experience (gains) / losses (7,804) - (7,804) <br />Projected investment earnings - - - <br />Contributions - employer - 44,394 (44,394) <br />Contributions - State of MN - - - <br />Asset (gain) / loss - 133 (133) <br />Benefit payouts - - - <br />PERA administrative fee - - - <br />Net changes 34,183 44,527 (10,344) <br />Balance end of year December 31, 2016 $55,240 $44,527 $10,713 <br /> There were no provision changes during the measurement period. <br /> <br />For the year ended December 31, 2016, the City recognized pension expense of $66,668. <br /> <br />At December 31, 2016, the City reported deferred inflows of resources from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Difference between projected and <br /> actual investment earnings $ - $106 <br />Differences between expected and <br /> actual economic experience - 11,455 <br />Total $ - $11,561 <br /> <br />72