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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 PEPFF’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 $ - $510,400 Changes in actuarial assumptions - - Difference between projected and actual investment earnings 548,377 - Changes in proportion - 27,001 Contributions paid to PERA subsequent to the measurement date 230,101 - Total $778,478 $537,401 $230,101 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 $29,614 2017 29,614 2018 29,614 2019 29,615 2020 (107,481) Thereafter - ACTUARIAL ASSUMPTIONS The total pension liability in the June 30, 2015 actuarial valuation was determined using the following actuarial assumptions: Inflation 2.75% per year Active Member Payroll Growth 3.50% per year Investment Rate of Return 7.90% Salary increases were based on a service-related table. Mortality rates for active members, retirees, survivors and disabilitants were based on RP-2000 tables for males or females, as appropriate, with slight adjustments. Cost of living benefit increases for retirees are assumed to be 1% effective every January 1st until 2034, and 2.5% thereafter. Actuarial assumptions used in the June 30, 2015 valuation were based on the results of actuarial experience studies. The experience study in the GERF was for the period July 1, 2004, through June 69