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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2022 D. PENSION COSTS At December 31, 2022, the City reported a net pension asset of $397,881 for the SVF plan. The net pension asset was measured as of December 31, 2022. The total pension liability used to calculate the net pension asset in accordance with GASB 68 was determined by PERA applying an actuarial formula to specific census data certified by the fire department. The following table presents the changes in net pension liability during the year. Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (Asset) (a) (b) (a) - (b) Balance at December 31, 2021 $787,316 $1,373,737 ($586,421) Changes for the year: Service cost 33,436 - 33,436 Interest 49,245 - 49,245 Differences between expected and (32,532) - (32,532) actual experience Changes of assumptions - - - Changes in benefit terms - - - Contributions - employer - - - Contributions - State of MN - 67,800 (67,800) Contributions - employee - - - Net investment income - (205,177) 205,177 Benefit payments - - - Administrative expense - (1,014) 1,014 Net changes 50,149 (138,391) 188,540 Balance at December 31, 2022 $837,465 $1,235,346 ($397,881) Increase (Decrease) There were no benefit provision changes during the measurement period. For the year ended December 31, 2022, the City recognized pension expense of $7,088. At December 31, 2022, the City reported deferred inflows of resources from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience $ - $133,883 Changes of assumptions 10,497 9,881 Net differences between projected and actual investment earnings 156,800 - Total $167,297 $143,764 74