06-02-25 - Council Work Session Agenda

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2024 At December 31, 2024, the City reported General Employees Fund deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Differences between expected and actual economic experience Changes in actuarial assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion Employer contributions subsequent to the measurement date Total Deferred Outflows Deferred Inflows of Resources of Resources $169,338 $ - 8,647 682,402 - 540,275 304,451 96,927 161,205 - $643,641 $1,319,604 The $161,205 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, 2025. 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 2025 ($423,462) 2026 (22,302) 2027 (253,215) 2028 (138,189) 2029 - Thereafter - 2. Police and Fire Fund Pension Costs At December 31, 2024, the City reported a liability of $2,968,216 for its proportionate share of the Police and Fire Fund's net pension liability. The net pension liability was measured as of June 30, 2024 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, 2023 through June 30, 2024, relative to the total employer contributions received from all of PERA's participating employers. The City's proportionate share was 0.2256% at the end of the measurement period and 0.2303% for the beginning of the period. 68