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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br /> <br /> <br /> <br /> <br />At December 31, 2024, the City reported General Employees Fund deferred outflows of resources and <br />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 $169,338 $ - <br />Changes in actuarial assumptions 8,647 682,402 <br />Net difference between projected and actual <br /> earnings on pension plan investments - 540,275 <br />Changes in proportion 304,451 96,927 <br />Employer contributions <br /> subsequent to the measurement date 161,205 - <br />Total $643,641 $1,319,604 <br /> <br />The $161,205 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 pension <br />liability in the year ended December 31, 2025. Other amounts reported as deferred outflows and <br />inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Year Ended Pension <br />December 31, Expense <br />2025 ($423,462) <br />2026 (22,302) <br />2027 (253,215) <br />2028 (138,189) <br />2029 - <br />Thereafter - <br /> <br />2. Police and Fire Fund Pension Costs <br /> <br />At December 31, 2024, the City reported a liability of $2,968,216 for its proportionate share of the <br />Police and Fire Fund’s net pension liability. The net pension liability was measured as of June 30, <br />2024 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 proportionate share of the net pension liability was based <br />on the City’s contributions received by PERA during the measurement period for employer payroll <br />paid dates from July 1, 2023 through June 30, 2024, relative to the total employer contributions <br />received from all of PERA’s participating employers. The City’s proportionate share was 0.2256% at <br />the end of the measurement period and 0.2303% for the beginning of the period. <br /> <br />68 <br />Page 104 of 353