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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />valuation as of that date. The City’s proportion of the net pension liability was based on the City’s <br />contributions received by PERA during the measurement period for employer payroll paid dates <br />from July 1, 2016 through June 30, 2017, relative to the total employer contributions received from <br />all of PERA’s participating employers. At June 30, 2017, the City’s proportion was 0.257%, which <br />was a decrease of 0.002% from its proportion measured as of June 30, 2016. The City also <br />recognized $23,130 for the year ended December 31, 2017 as revenue (and an offsetting reduction <br />of net pension liability) for its proportionate share of the State of Minnesota’s on-behalf <br />contributions to the PEPFF. Legislation passed in 2013 required the State of Minnesota to begin <br />contributing $9 million to the PEPFF each year, starting in fiscal year 2014. <br /> <br />For the year ended December 31, 2017, the City recognized pension expense of $874,127 for its <br />proportionate share of the PEPFF’s pension expense. <br /> <br />At December 31, 2017, the City reported its proportionate share of the PEPFF’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 $79,868 $927,062 <br />Changes in actuarial assumptions 4,540,933 4,926,263 <br />Difference between projected and <br /> actual investment earnings 46,997 - <br />Changes in proportion 75,053 27,560 <br />Contributions paid to PERA <br /> subsequent to the measurement date 220,753 - <br />Total $4,963,604 $5,880,885 <br /> A total of $220,753 reported as deferred outflows of resources related to pensions resulting from <br />City 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 outflows: <br /> <br />Year Ended Pension <br />December 31, Expense <br />2018 $73,515 <br />2019 73,518 <br />2020 (53,354) <br />2021 (256,922) <br />2022 (974,791) <br />Thereafter - <br />The net pension liability will be liquidated by the general, water and sewer funds. <br /> <br /> <br />67