Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br /> <br /> <br /> <br /> <br />The effect of re-reporting SVF plan information is not considered material to the financial statements. The <br />following table presents the changes in net pension asset during the year. <br /> <br />Total Pension Plan Fiduciary Net Pension <br />Liability Net Position Asset <br />(a) (b) (b) - (a) <br />Balance at December 31, 2021 $787,316 $1,373,737 $586,421 <br />Changes for the year: <br />Service cost 33,436 - (33,436) <br />Interest 49,245 - (49,245) <br />Differences between expected and (32,532) - 32,532 <br />actual experience - <br />Changes of assumptions - - - <br />Changes in benefit terms - - - <br />Contributions - employer - - - <br />Contributions - State of MN - 67,800 67,800 <br />Contributions - employee - - - <br />Net investment income - (205,177) (205,177) <br />Benefit payments - - - <br />Administrative expense - (1,014) (1,014) <br />Net changes 50,149 (138,391) (188,540) <br />Balance at December 31, 2022 $837,465 $1,235,346 $397,881 <br />Increase (Decrease) <br /> There were no benefit provision changes during the measurement period. <br /> <br />For the year ended December 31, 2023, the City recognized pension expense of $72,289. <br /> <br />At December 31, 2023, the City reported deferred outflows and inflows of resources related to pensions <br />from the following sources: <br /> <br /> <br />Deferred <br />Outflows <br />Deferred <br />Inflows <br /> of Resources of Resources <br /> <br />Differences between expected and actual <br />experience $ - $133,883 <br />Changes of assumptions 10,497 9,881 <br />Net differences between projected and <br />actual investment earnings 156,800 - <br />Contributions paid subsequent to the <br />measurement date 12,000 - <br />Total $179,297 $143,764 <br /> <br /> <br />73