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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2015 At December 31, 2015, the City reported its proportionate share of the GERF’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual economic experience $ - $89,621 Changes in actuarial assumptions - - Difference between projected and actual investment earnings 168,278 - Changes in proportion - 133,879 Contributions paid to PERA subsequent to the measurement date 84,106 - Total $252,384 $223,500 $84,106 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2016. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Year Ended Expense December 31, Amount 2016 ($32,430) 2017 (32,430) 2018 (32,430) 2019 42,068 2020 - Thereafter - 2. PEPFF Pension Costs At December 31, 2015, the City reported a liability of $3,147,368 for its proportionate share of the PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportion of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2014, through June 30, 2015, relative to the total employer contributions received from all of PERA’s participating employers. At June 30, 2015, the City’s proportion was .2770% which was a decrease of .0030% from its proportion measured as of June 30, 2014. For the year ended December 31, 2015, the City recognized pension expense of $511,683 for its proportionate share of the PEPFF’s pension expense. The City also recognized $24,930 for the year ended December 31, 2015, as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s on-behalf contributions to the PEPFF. Legislation passed in 2013 required the State of Minnesota to begin contributing $9 million to the PEPFF each year, starting in fiscal year 2014. 68