Laserfiche WebLink
NOTE 9—DEFINED BENEFIT PENSION PLANS—STATE-WIDE(CONTINUED) <br /> For the year ended December 31, 2025, the City recognized pension expense of$318,792 for its <br /> proportionate share of the Police and Fire Plan's pension expense. The City recognized$29,806 as <br /> grant revenue and pension expense for its proportionate share of the state of Minnesota's pension <br /> expense for the contribution of$9.0 million to the PEPFF special funding situation. <br /> The state of Minnesota is not included as a nonemployer contributing entity in the Police and Fire <br /> Pension Plan pension allocation schedules for the $9.0 million in supplemental state aid because <br /> this contribution was not considered to meet the definition of a special funding situation. The City <br /> recognized$40,496 for the year ended December 31, 2025, as revenue and an offsetting reduction <br /> of net pension liability for its proportionate share of the state of Minnesota's on-behalf <br /> contributions to the PEPFF. <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 $ 821,072 $ — <br /> Changes in actuarial assumptions 1,347,603 2,226,618 <br /> Net difference between projected and actual earnings <br /> on pension plan investments — 793,140 <br /> Changes in proportion 63,039 290,745 <br /> Employer contributions subsequent to the <br /> measurement date 208,311 — <br /> Total $ 2,440,025 $ 3,310,503 <br /> The $208,311 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 <br /> pension liability in the year ending December 31, 2026. Other amounts reported as deferred <br /> outflows and deferred inflows of resources related to pensions will be recognized in pension <br /> expense as follows: <br /> Pension <br /> Year Ending Expense <br /> December 31, Amount <br /> 2026 $ 367,129 <br /> 2027 $ (454,430) <br /> 2028 $ (955,664) <br /> 2029 $ (74,841) <br /> 2029 $ 39,017 <br /> -55- <br />