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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />4. Other Information (Continued) <br />C. Pension Plans (Continued) <br />Public Employees Retirement Association (PERA) - Defined Benefit (Continued) <br />C. Pension Costs <br />At December 31, 2015, the City reported a liability of $1,269,717 for its proportionate share of <br />the GERF's net pension liability. The net pension liability was measured as of June 30, 2015, <br />and the total pension liability used to calculate the net pension liability was determined by an <br />actuarial valuation as of that date. The City's proportion of the net pension liability was based <br />on the City's contributions received by PERA during the measurement period for employer <br />payroll paid dates from July 1, 2014 through June 30, 2015, relative to the total employer <br />contributions received from all of PERA's participating employers. At June 30, 2015, the City's <br />proportion was .0245% at the end of the measurement period and .0278% for the beginning <br />of the period. <br />For the year ended December 31, 2015, the City recognized pension expense of $169,250 for <br />its proportionate share of the GERF's pension expense. <br />At December 31, 2015, the City reported its proportionate share of the GERF's deferred <br />outflows of resources and deferred inflows of resources related to pensions from the following <br />sources: <br />Differences between expected and actual <br />economic experience <br />Difference between projected and actual <br />investment earnings <br />Changes in proportion <br />Contributions paid to PERA subsequent to <br />the measurement date <br />Total <br />57 <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ $ 64,015 <br />120,198 <br />116,263 <br />57,006 <br />$ 177,204 $ 180,278 <br />