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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2018 <br /> <br /> <br /> <br /> <br />D. PENSION COSTS <br /> <br />At December 31, 2018, the City reported a net pension asset of $164,913 for the SVF plan. The net <br />pension asset was measured as of December 31, 2018. The total pension liability used to calculate the <br />net pension asset in accordance with GASB 68 was determined by PERA applying an actuarial formula <br />to specific census data certified by the fire department. The following table presents the changes in net <br />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, 2017 $97,711 $225,705 ($127,994) <br />Changes for the year: <br />Service cost 48,182 - 48,182 <br />Interest on pension liability 8,754 - 8,754 <br />Actuarial experience (gains) / losses 69,760 - 69,760 <br />Projected investment earnings - 13,542 (13,542) <br />Contributions - employer - 64,869 (64,869) <br />Contributions - State of MN - 118,144 (118,144) <br />Asset (gain) / loss - (32,238)32,238 <br />Benefit payouts - - - <br />PERA administrative fee - (702)702 <br />Net changes 126,696 163,615 (36,919) <br />Balance end of year December 31, 2018 $224,407 $389,320 ($164,913) <br /> There were no benefit provision changes during the measurement period. <br />For the year ended December 31, 2018, the City recognized pension expense of $57,541. <br /> <br />At December 31, 2018, 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 $21,849 $ - <br />Differences between expected and <br /> actual economic experience 55,808 11,863 <br />Total $77,657 $11,863 <br /> <br />74