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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2020 <br /> <br /> <br /> <br /> <br />liability used to calculate the net pension liability was determined by an actuarial valuation as of <br />that date. The City’s proportion of the net pension liability was based on the City’s contributions <br />received by PERA during the measurement period for employer payroll paid dates from July 1, <br />2019 through June 30, 2020, relative to the total employer contributions received from all of <br />PERA’s participating employers. The City’s proportionate share was 0.0341% at the end of the <br />measurement period and 0.0334% for the beginning of the period. <br /> <br />City's proportionate share of the net pension liability $2,044,451 <br />State of Minnesota’s proportionate share of the net <br />pension liability associated with the City 62,951 <br />Total $2,107,402 <br /> <br />NFor the year ended December 31, 2020, the City recognized pension expense of $69,813 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$5,479 as pension expense (and grant revenue) for its proportionate share of the State of <br />Minnesota’s contribution of $16 million to the GERF. <br /> <br />At December 31, 2020, the City reported its proportionate share of the GERF’s deferred outflows <br />of resources and deferred inflows of resources related to pensions from the following sources: <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Differences between expected and <br /> actual economic experience $18,648 $7,735 <br />Changes in actuarial assumptions - 76,025 <br />Net difference between projected <br /> and actual investment earnings 33,876 - <br />Changes in proportion 42,467 31,056 <br />Contributions paid to PERA <br /> subsequent to the measurement date 91,705 - <br />Total $186,696 $114,816 <br /> The $91,705 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 <br />pension liability in the year ended December 31, 2021. Other amounts reported as deferred <br />outflows and inflows of resources related to pensions will be recognized in pension expense as <br />follows: <br />Year Ended Pension <br />December 31 Expense <br />2021 ($109,647) <br />2022 (8,076) <br />2023 48,503 <br />2024 49,395 <br />Thereafter - <br /> <br />66