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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2023 City’s proportionate share was 0.0341% at the end of the measurement period and 0.0334% for the beginning of the period. City’s proportionate share of the net pension liability $1,906,834 State of Minnesota’s proportionate share of the net pension liability associated with the City 52,505 Total $1,959,339 For the year ended December 31, 2023, the City recognized pension expense of $297,401 for its proportionate share of the GERF’s pension expense. In addition, the City recognized an additional $236 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s contribution of $16 million to the GERF. At December 31, 2023, 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 $62,621 $13,271 Changes in actuarial assumptions 311,732 522,647 Net difference between projected and actual investment earnings - 74,954 Changes in proportion 36,015 12,834 Contributions paid to PERA subsequent to the measurement date 105,488 - Total $515,856 $623,706 The $105,488 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2024. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending Pension December 31 Expense 2024 $49,323 2025 (274,451) 2026 53,156 2027 (41,366) 2028 - Thereafter - 67