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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br /> <br />65 <br />NOTE 4 DEFINED BENEFIT PENSION PLAN – FIREFIGHTERS RELIEF ASSOCIATION (Continued) <br /> <br />The following table presents the changes in net pension asset during the measurement period. <br /> <br /> <br />At December 31, 2023, the City of Lake Elmo reported deferred outflows of resources and deferred inflows of resources related <br />to the pension from the following sources: <br /> <br /> <br /> <br />Amounts reported as deferred outflows and inflows of resources related to the pension will be recognized in pension expense <br />as follows: <br /> <br />Total Pension Plan Fiduciary Net Pension <br /> Liability Net Position Liability (Asset) <br />Beginning Balance 12/31/21 864,850$ 1,462,205$ (597,355)$ <br />Service Cost 47,844 - 47,844 <br />Interest on Pension Liability 45,031 - 45,031 <br />Assumption Changes (15,405) - (15,405) <br />Projected Investment Earnings - 76,145 (76,145) <br />Contributions (State)- 101,778 (101,778) <br />Asset (Gain)/Loss (124,184) (241,246) 117,062 <br />Benefit Payouts (109,933) (109,933) - <br />Administrative Fee - (15,504) 15,504 <br />Net Changes (156,647) (188,760) 32,113 <br />Balance End of Year 12/31/22 708,203$ 1,273,445$ (565,242)$ <br />Deferred Outflows of Deferred Inflows of <br />Resources Resources <br />Differences between expected <br />and actual economic experience -$ 171,852$ <br />Changes in actuarial assumptions 7,387 13,480 <br />Difference between projected <br /> and actual investment earnings 125,581 - <br />Total Deferred Outflows/Inflows 132,968$ 185,332$ <br />Year ended <br />December 31, Pension Expense <br />2024 (19,998)$ <br />2025 (4,669)$ <br />2026 7,233$ <br />2027 20,132$ <br />2028 (20,164)$ <br />2029-2030 (34,898)$