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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2018 <br /> <br /> <br /> <br /> <br />2018, and the total pension liability used to calculate the net pension liability was determined by an <br />actuarial valuation as of that date. The City’s proportion of the net pension liability was based on <br />the City’s contributions received by PERA during the measurement period for employer payroll <br />paid dates from July 1, 2017 through June 30, 2018, relative to the total employer contributions <br />received from all of PERA’s participating employers. At June 30, 2018, the City’s proportionate <br />share was 0.0381%, which was a decrease of 0.0033% from its proportionate share measured as of <br />June 30, 2017. <br /> <br />Post-retirement benefit increases were changed from 1.0% per year with a provision to increase to <br />2.5% upon attainment of 90% funding ratio to 50% of the Social Security Cost of Living <br />Adjustment, not less than 1.0% and not more than 1.5%, beginning January 1, 2019. <br /> <br />For the year ended December 31, 2018, the City recognized pension expense of $169,283 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$16,188 as pension expense (and grant revenue) for its proportionate share of the State of <br />Minnesota’s contribution of $16 million to the GERF. <br /> <br />At December 31, 2018, 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 /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $55,944 $58,978 <br />Changes in actuarial assumptions 193,160 237,489 <br />Difference between projected and <br /> actual investment earnings - 225,376 <br />Changes in proportion 128,974 222,223 <br />Contributions paid to PERA <br /> subsequent to the measurement date 105,563 - <br />Total $483,641 $744,066 <br /> <br />$105,563 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net <br />pension liability during 2019. Other amounts reported as deferred outflows and inflows of <br />resources related to pensions will be recognized in pension expense as follows: <br /> <br />Year Ended Pension <br />December 31, Expense <br />2019 $32,999 <br />2020 (118,211) <br />2021 (236,660) <br />2022 (44,116) <br />2023 - <br />Thereafter - <br /> <br />69