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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />D. PENSION COSTS <br /> <br />1. GERF Pension Costs <br /> <br />At December 31, 2022, the City reported a liability of $2,645,291 for its proportionate share of <br />GERF’s net pension liability. The City’s net pension liability reflected a reduction due to the State <br />of Minnesota’s contribution of $16 million. The State of Minnesota is considered a non-employer <br />contributing entity and the state’s contribution meets the definition of a special funding situation. <br />The State of Minnesota’s proportionate share of the net pension liability associated with the City <br />totaled $77,599. The net pension liability was measured as of June 30, 2022, and the total pension <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 />2021 through June 30, 2022, relative to the total employer contributions received from all of <br />PERA’s participating employers. The City’s proportionate share was 0.0334% at the end of the <br />measurement period and 0.0333% for the beginning of the period. <br /> <br /> <br />City's proportionate share of the net pension liability $2,645,291 <br />State of Minnesota’s proportionate share of the net <br />pension liability associated with the City 77,599 <br />Total $2,722,890 <br /> <br />For the year ended December 31, 2022, the City recognized pension expense of $330,572 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$11,595 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, 2022, 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 $22,095 $28,262 <br />Changes in actuarial assumptions 598,677 10,775 <br />Net difference between projected <br /> and actual investment earnings 45,966 - <br />Changes in proportion 14,046 22,448 <br />Contributions paid to PERA <br /> subsequent to the measurement date 99,503 - <br />Total $780,287 $61,485 <br /> <br />68