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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2018 <br /> <br /> <br /> <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $50,657 $56,387 <br />Changes in actuarial assumptions 184,682 215,049 <br />Difference between projected and <br /> actual investment earnings - 193,961 <br />Changes in proportion 54,189 54,442 <br />Contributions paid to PERA <br /> subsequent to the measurement date 86,839 - <br />Total $376,367 $519,839 <br /> <br /> <br /> $86,839 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 pension <br />liability in the year ended December 31, 2019. Other amounts reported as deferred outflows and <br />inflows of resources related to pensions will be recognized in pension expense as follows: <br /> <br />Pension <br />Year Ended Expense <br />December 31, Amount <br />2019 $67,345 <br />2020 (116,231) <br />2021 (141,479) <br />2022 (39,946) <br />Thereafter - <br /> <br />2. PEPFF Pension Costs <br /> <br />At December 31, 2018, the City reported a liability of $2,585,866 for its proportionate share of the <br />PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2018, and the <br />total pension liability used to calculate the net pension liability was determined by an actuarial <br />valuation as of that date. The City’s proportion of the net pension liability was based on the City’s <br />contributions received by PERA during the measurement period for employer payroll paid dates from <br />July 1, 2017, through June 30, 2018, relative to the total employer contributions received from all of <br />PERA’s participating employers. At June 30, 2018, the City’s proportion was .2426% which was a <br />decrease of .0224% from its proportion measured as of June 30, 2017. The City also recognized <br />$21,834 for the year ended December 31, 2018, as revenue (and an offsetting reduction of net pension <br />liability) for its proportionate share of the State of Minnesota’s on-behalf contributions to the PEPFF. <br />Legislation passed in 2013 required the State of Minnesota to begin contributing $9 million to the <br />PEPFF each year, starting in fiscal year 2014. <br /> <br />Beginning January 1, 2019, the COLA will be fixed at 1%. Under funding measurements from 2017, <br />the 2.5% COLA trigger was never expected to occur and was subsequently removed from law. <br /> <br />For the year ended December 31, 2018, the City recognized pension expense of $171,860 for its <br />proportionate share of the PEPFF’s pension expense. <br /> <br />69