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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2021 The State of Minnesota also contributed $18 million to PEPFF during the plan fiscal year ended June 30, 2021. The contribution consisted of $9 million in direct state aid that meets the definition of a special funding situation and $9 million in supplemental state aid that does not meet the definition of a special funding situation. The direct state aid was paid on October 1, 2020. Thereafter, by October 1 of each year, the state will pay $9 million to the PEPFF until full funding is reached or July 1, 2048, whichever is earlier. The $9million in supplemental state aid will continue until the fund is 90% funded, or until the State Patrol Plan (administered by the Minnesota State Retirement System) is 90% funded, whichever occurs later. Strong asset returns for the fiscal year ended 2021 will accelerate the phasing out of these state contributions, although we do not anticipate them to be phased out during the fiscal year ending 2022. The State of Minnesota is included as a non-employer contributing City in the PEPFF Schedule of Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting Period Only (pension allocation schedules) for the $9 million in direct state aid. pension expense (and grant revenue) under GASB 68 special funding situation accounting and financial reporting requirements. For the year ended December 31, 2021, the City recognized pension expense of ($247,729) for its proportionate share of the Police and Fire million to the PEPFF. The State of Minnesota is not included as a non-employer contributing City in the Police and Fire Pension Plan pension allocation schedules for the $9 million in supplemental state aid. The City also recognized $49,248 for the year ended December 31, 2021 as revenue and an offsetting reduction of net pension liability for its proportionate share of the State of -behalf contributions to the Police and Fire Fund. outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred OutflowsDeferred Inflows of Resourcesof Resources Differences between expected and actual economic experience$810,117$ - Changes in actuarial assumptions6,207,8862,294,230 Difference between projected and actual investment earnings - 8,066,603 Changes in proportion 506,611276,203 Contributions paid to PERA subsequent to the measurement date642,615 - Total$8,167,229$10,637,036 The $642,615 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 67