06-02-25 - Council Work Session Agenda

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2024 D. PENSION COSTS As of December 31, 2024, the City reported a net pension asset of $695,585 for the Volunteer Firefighter Fund. The net pension asset was measured as of December 31, 2023. The total pension liability used to calculate the net pension asset in accordance with GASB 68 was determined by PERA applying an actuarial formula to specific census data certified by the fire department. The following table presents the changes in the net pension asset during the year: Beginning balance December 31, 2022 Changes for the year: Service cost Interest on pension liability Actuarial experience (gains) / losses Projected investment earnings Asset (gain) loss Contributions - employer Contributions - State of MN Benefit payments PERA administrative fee Net changes Plan Total Fiduciary Net Pension Net Pension Liability Position Asset (a) (b) (b-a) $538,056 $984,693 $446,637 62,261 - (62,261) 35,283 - (35,283) (17,070) - 17,070 63,446 63,446 95,976 95,976 - 170,000 170,000 (24,520) (24,520) - 55,954 304,902 248,948 Balance end of year December 31, 2023 $594,010 $1,289,595 $695,585 There were no benefit provision changes during the measurement period. For the year ended December 31, 2024, the City recognized pension expense of ($2,968). At December 31, 2024, the City reported deferred outflows and inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Difference between projected and actual investment earnings $25,167 $ - Differences between expected and actual economic experience 23,741 39,254 Total $48,908 $39,254 74