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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />associated with the City totaled $33,230. The net pension liability was measured as of June 30, <br />2017, 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, 2016 through June 30, 2017, relative to the total employer contributions <br />received from all of PERA’s participating employers. At June 30, 2017, the City’s proportionate <br />share was 0.0414%, which was an increase of 0.0027% from its proportionate share measured as of <br />June 30, 2016. <br /> <br />For the year ended December 31, 2017, the City recognized pension expense of $380,051 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$960 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s <br />contribution of $6 million to the GERF. <br /> <br />At December 31, 2017, 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 $87,104 $171,203 <br />Changes in actuarial assumptions 438,787 264,956 <br />Difference between projected and <br /> actual investment earnings 19,277 - <br />Changes in proportion 118,300 86,926 <br />Contributions paid to PERA <br /> subsequent to the measurement date 95,266 - <br />Total $758,734 $523,085 <br /> $95,266 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 2018. 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 />2018 $100,060 <br />2019 163,129 <br />2020 (10,618) <br />2021 (112,188) <br />2022 - <br />Thereafter - <br />2. PEPFF Pension Costs <br /> <br />At December 31, 2017, the City reported a liability of $3,469,806 for its proportionate share of the <br />PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2017 and the <br />total pension liability used to calculate the net pension liability was determined by an actuarial <br />66
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