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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2017 were $167,798. The City’s contributions were equal to the required contributions as set by state statute. 2. PEPFF Contributions Plan members were required to contribute 10.8% of their annual covered salary in calendar year 2017. The City was required to contribute 16.20% of pay for PEPFF members in calendar year 2017. The City’s contributions to the PEPFF for the year ended December 31, 2017, were $424,887. The City’s contributions were equal to the required contributions as set by state statute. PENSION COSTS 1. GERF Pension Costs At December 31, 2017, the City reported a liability of $2,157,770 for its proportionate share of the GERF’s net pension liability. The City’s net pension liability reflected a reduction due to the State of Minnesota’s contribution of $6 million to the fund in 2017. The State of Minnesota is considered a non-employer contributing entity and the state’s contribution meets the definition of a special funding situation. The State of Minnesota’s proportionate share of the net pension liability associated with the City totaled $27,098. The net pension liability was measured as of June 30, 2017, 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, 2016, through June 30, 2017, relative to the total employer contributions received from all of PERA’s participating employers. At June 30, 2017, the City’s proportion was .0338% which was a decrease of .0015% from its proportion measured as of June 30, 2016. For the year ended December 31, 2017, the City recognized pension expense of $270,680 for its proportionate share of the GERF’s pension expense. In addition, the City recognized an additional $783 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s contribution of $6 million to the GERF. At December 31, 2017, 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 $71,114 $138,162 Changes in actuarial assumptions 358,236 216,317 Difference between projected and actual investment earnings 12,707 - Changes in proportion 27,060 110,347 Contributions paid to PERA subsequent to the measurement date 84,997 - Total $554,114 $464,826 66