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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED <br />INFLOWS OF RESOURCES RELATED TO PENSIONS <br /> <br />For the year ended December 31, 2016, the City recognized pension expense of $8,067. The City <br />also recognized $51,174 for the year ended December 31, 2016, as pension expense (and grant <br />revenue) for the State of Minnesota’s on-behalf contribution to the plan. At December 31, 2016, the <br />City reported deferred outflows of resources and deferred inflows of resources related to pensions <br />from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $ - $ - <br />Changes in actuarial assumptions - 32,333 <br />Difference between projected and <br /> actual investment earnings 34,902 - <br />Total $34,902 $32,333 <br /> <br />Amounts reported as deferred outflows of resources and deferred inflows of resources related to <br />pensions will be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ended Expense <br />December 31, Amount <br />2017 $8,067 <br />2018 8,067 <br />2019 8,069 <br />2020 (4,269) <br />2021 (3,742) <br />Thereafter (13,623) <br /> <br /> <br />C. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the fiscal year ended December 31, 2016 is as follows: <br /> <br />GERF $377,487 <br />PEPFF 2,052,724 <br />Fire Relief 58,446 <br />Total $2,488,657 <br /> <br /> <br />74