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