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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />The net pension liability was measured as of June 30, 2022, and the total pension liability used to <br />calculate the net pension liability was determined by an actuarial valuation as of that date. The <br />City’s proportion of the net pension liability was based on the City’s contributions received by <br />PERA during the measurement period for employer payroll paid dates from July 1, 2021 through <br />June 30, 2022, relative to the total employer contributions received from all of PERA’s <br />participating employers. The City’s proportionate share was 0.0428% at the end of the <br />measurement period and 0.0391% for the beginning of the period. <br /> <br />City's proportionate share of the net pension liability $3,389,774 <br />State of Minnesota’s proportionate share of the net <br /> pension liability associated with the City 99,480 <br />Total $3,489,254 <br /> For the year ended December 31, 2022, the City recognized pension expense of $514,795 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$14,865 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, 2022, 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 $28,314 $36,351 <br />Changes in actuarial assumptions 767,167 14,383 <br />Net collective between projected and <br /> actual investment earnings 62,697 - <br />Changes in proportion 161,326 22,813 <br />Contributions paid to PERA <br /> subsequent to the measurement date 145,293 - <br />Total $1,164,797 $73,547 <br /> <br />The $145,293 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, 2023. 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 $335,668 <br />2023 357,984 <br />2024 (54,249) <br />2025 306,554 <br />2026 - <br />Thereafter - <br />67