06-03-2024 Council Work Session Packet

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2023 At December 31, 2023, the City reported its proportionate share of the GERF’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual economic experience $92,738 $20,937 Changes in actuarial assumptions 490,612 774,008 Net collective between projected and actual investment earnings - 144,446 Changes in proportion 471,744 24,772 Contributions paid to PERA subsequent to the measurement date 149,253 - Total $1,204,347 $964,163 The $149,253 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2024. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended Pension December 31, Expense 2024 $252,015 2025 (260,749) 2026 160,925 2027 (61,260) 2028 - Thereafter - 2. PEPFF Pension Costs At December 31, 2023, the City reported a liability of $3,976,982 for its proportionate share of the PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2023 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2022 through June 30, 2023, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was 0.2303% at the end of the measurement period and 0.2367% for the beginning of the period. 65 72