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06-12-23-R
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06-12-23-R
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-40- <br />NOTE 7 – DEFINED BENEFIT PENSION PLAN – STATE-WIDE (CONTINUED) <br />D.Pension Costs <br />GERF Pension Costs <br />At December 31, 2022, the City reported a liability of $1,845,368 for its proportionate share of the <br />GERF’s net pension liability. The City’s net pension liability reflected a reduction, due to the state of <br />Minnesota’s contribution of $16.0 million. The state of Minnesota is considered a nonemployer <br />contributing entity and the state’s contribution meets the definition of a special funding situation. The <br />state of Minnesota’s proportionate share of the net pension liability associated with the City totaled <br />$53,913. The net pension liability was measured as of June 30, 2022, and the total pension liability <br />used to calculate the net pension liability was determined by an actuarial valuation as of that date. The <br />City’s proportion of the net pension liability was based on the City’s contributions received by the <br />PERA during the measurement period for employer payroll paid dates from July 1, 2021 through <br />June 30, 2022, relative to the total employer contributions received from all of the PERA’s <br />participating employers. The City’s proportionate share was 0.0233 percent at the end of the <br />measurement period and 0.0244 percent for the beginning of the period. <br />The amount recognized by the City as its proportionate share of the net pension liability, the direct <br />aid, and total portion of the net pension liability that was associated with the City were as follows: <br />City’s proportionate share of the net pension liability 1,845,368$ <br />State’s proportionate share of the net pension liability <br /> associated with the City 53,913$ <br />For the year ended December 31, 2022, the City recognized pension expense of $268,071 for its <br />proportionate share of the GERF’s pension expense. In addition, the City recognized an additional <br />$8,090 as pension expense (and grant revenue) for its proportionate share of the state of Minnesota’s <br />contribution of $16.0 million to the GERF. <br />At December 31, 2022, the City reported its proportionate share of the GERF’s deferred outflows of <br />resources and deferred inflows of resources related to pensions from the following sources: <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />Differences between expected and actual economic experience 15,414$ 20,621$ <br />Changes in actuarial assumptions 436,762 7,763 <br />Net collective difference between projected and actual <br /> investment earnings 904 – <br />Changes in proportion 40,784 35,233 <br />Contributions paid to the PERA subsequent to the <br /> measurement date 72,373 – <br />Total 566,237$ 63,617$
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