2017.07.17 CC Packet - Laserfiche WebLink

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CITY OF HUGO, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) 4. Other Information (Continued) C. Pension Plans (Continued) 1. Public Employees Retirement Association (PERA) - Defined Benefit (Continued) C. Pension Costs (continued) For the year ended December 31, 2016, the City recognized pension expense of $279,097 for its proportionate share of the General Employees Plan's pension expense. In addition, the City recognized an additional $7,834 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota's contribution of $6 million to the General Employees Fund. At December 31, 2016, the City reported its proportionate share of the General Employees Plan's deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: $59,377 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, 2017. Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual economic experience $ $ 163,055 Changes in actuarial assumptions 394,272 Difference between projected and actual investment earnings 381,093 Changes in proportion 65,849 Contributions paid to PERA subsequent to the measurement date 59,376 Total $ 834,741 $ 228,904 $59,377 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, 2017.