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NOTE 9—DEFINED BENEFIT PENSION PLANS—STATE-WIDE(CONTINUED) <br /> D. Pension Costs <br /> 1. GERF Pension Costs <br /> At December 31,2025,the City reported a liability of$1,113,035 for its proportionate share of the <br /> GERF's net pension liability. The City's net pension liability reflected a reduction,due to the state <br /> of Minnesota's contribution of$16.0 million. The state of Minnesota is considered a nonemployer <br /> contributing entity and the state's contribution meets the definition of a special funding situation. <br /> The state of Minnesota's proportionate share of the net pension liability associated with the City <br /> totaled$26,850. <br /> City's proportionate share of the net pension liability $ 1,113,035 <br /> State's proportionate share of the net pension liability <br /> associated with the City 26,850 <br /> Total $ 1,139,885 <br /> The net pension liability was measured as of June 30,2025, and the total pension liability used to <br /> calculate the net pension liability was determined by an actuarial valuation as of that date. The <br /> City's proportion of the net pension liability was based on the City's contributions received by the <br /> PERA during the measurement period for employer payroll paid dates from July 1, 2024 through <br /> June 30, 2025, relative to the total employer contributions received from all of the PERA's <br /> participating employers. The City's proportionate share was 0.0336 percent at the end of the <br /> measurement period and 0.0337 percent for the beginning of the period. <br /> For the year ended December 31, 2025, the City recognized pension expense of$18,864 for its <br /> proportionate share of the GERF's pension expense. In addition,the City recognized an additional <br /> negative pension expense of$4,118 (and grant revenue) for its proportionate share of the state of <br /> Minnesota's contribution of$16.0 million to the GERF. <br /> At December 31, 2025, the City reported deferred outflows of resources and deferred inflows of <br /> resources related to pensions from the following sources: <br /> Deferred Deferred <br /> Outflows Inflows <br /> of Resources of Resources <br /> Differences between expected and actual economic experience $ 106,048 $ - <br /> Changes in actuarial assumptions 26,818 256,105 <br /> Net difference between projected and actual earnings <br /> on pension plan investments — 442,887 <br /> Changes in proportion 10,015 26,233 <br /> Employer contributions subsequent to the <br /> measurement date 124,335 - <br /> Total $ 267,216 $ 725,225 <br /> -53- <br />