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NOTE 7 — DEFINED BENEFIT PENSION PLAN — STATE-WIDE (CONTINUED) <br />H. Pension Liability Sensitivity <br />The following table presents the City's proportionate share of the net pension liability for the plan it <br />participates in, calculated using the discount rate disclosed on the preceding page, as well as what the <br />City's proportionate share of the net pension liability would be if it were calculated using a discount rate <br />1 percentage point lower or 1 percentage point higher than the current discount rate: <br />1 % Decrease in <br />Current <br />1 % Increase in <br />Discount Rate <br />Discount Rate <br />Discount Rate <br />(6.00%) <br />(7.00%) <br />(8.00%) <br />City's proportionate share of the <br />GERF net pension liability $ 2,492,910 <br />$ 1,409,156 <br />$ 517,727 <br />I. Pension Plan Fiduciary Net Position <br />Detailed information about the pension plan's fiduciary net position is available in a separately -issued <br />PERA financial report that includes financial statements and required supplementary information. That <br />report may be obtained on the internet at www.mnpera.org. <br />NOTE 8 — INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS <br />A. Interfund Receivable and Payable <br />Interfund receivable and payable balances at December 31, 2023 are as follows: <br />Fund <br />Governmental funds <br />Permanent Improvement Revolving <br />Nonmajor — other governmental <br />Intra-activity eliminations <br />Total governmental funds <br />Receivable <br />$ 194,879 <br />38,941 <br />(233,820) <br />Payable <br />233,820 <br />(233,820) <br />Interfund receivables and payables are used for temporary cash deficits. These balances will be eliminated <br />with park dedication fees, future charges for services, grants, and other internal fund transfers, if needed. <br />-42- <br />