Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2021 <br /> <br /> <br /> <br /> <br />received by PERA during the measurement period for employer payroll paid dates from July 1, <br />2020 through June 30, 2021, relative to the total employer contributions received from all of <br />PERA’s participating employers. The City’s proportionate share was 0.0391% at the end of the <br />measurement period and 0.0392% for the beginning of the period. <br /> <br />For the year ended December 31, 2021, the City recognized pension expense of ($38,656) for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$4,115 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, 2021, 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 $10,245 $51,099 <br />Changes in actuarial assumptions 1,019,512 36,921 <br />Net collective between projected and <br /> actual investment earnings - 1,445,728 <br />Changes in proportion 24,720 20,649 <br />Contributions paid to PERA <br /> subsequent to the measurement date 113,071 - <br />Total $1,167,548 $1,554,397 <br /> The $113,071 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 in the year ended December 31, 2022. 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 Pension <br />December 31, Expense <br />2022 ($56,401) <br />2023 (34,710) <br />2024 (14,390) <br />2025 (394,419) <br />2026 - <br />Thereafter - <br /> <br />2. PEPFF Pension Costs <br /> <br />At December 31, 2021, the City reported a liability of $1,724,411 for its proportionate share of the <br />PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2021 and the <br />total pension liability used to calculate the net pension liability was determined by an actuarial <br />valuation as of that date. The City’s proportionate share 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, 2020 through June 30, 2021, relative to the total employer contributions <br />64