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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />D. PENSION COSTS <br /> <br />At December 31, 2022, the City reported a net pension asset of $446,637 for the Volunteer Firefighter <br />Fund. The net pension asset was measured as of December 31, 2022. The total pension liability used to <br />calculate the net pension asset in accordance with GASB 68 was determined by PERA applying an <br />actuarial formula to specific census data certified by the fire department. The following table presents <br />the changes in net pension liability during the year. <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, 2021 $501,496 $1,034,836 ($533,340) <br />Changes for the year: <br />Service cost 62,261 - 62,261 <br />Interest on pension liability 32,439 - 32,439 <br />Actuarial experience (gains) / losses (11,917) - (11,917) <br />Projected investment earnings - 62,090 (62,090) <br />Asset (gain) loss - (213,085)213,085 <br />Contributions - employer - - - <br />Contributions - State of MN - 147,799 (147,799) <br />Benefit payouts (46,223)(46,223) - <br />PERA administrative fee - (724)724 <br />Net changes 36,560 (50,143)86,703 <br />Balance end of year December 31, 2022 $538,056 $984,693 ($446,637) <br /> There were no benefit provision changes during the measurement period. <br /> <br />For the year ended December 31, 2022, the City recognized pension expense of $54,995. <br /> <br />At December 31, 2022, the City reported deferred outflows and inflows of resources related to pensions <br />from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Difference between projected and <br /> actual investment earnings $114,606 $ - <br />Differences between expected and <br /> actual economic experience 35,612 46,762 <br />Total $150,218 $46,762 <br /> <br />73