2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2019

NOTE 14 – PENSION PLANS (CONTINUED)

For the year ended December 31, 2018, the City recognized pension expense of $20,712. At December 31, 2018, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Defined Benefit Pension Plan – Volunteer Fire Fighter's Relief Association (Continued) G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions

Deferred

Deferred Inflows of Resources

Outflows of Resources

Changes in assumptions Contributions paid subsequent to the measurement date Difference between expected and actual liability Net difference between projected and actual earnings on pension plan investments

$

267,203

$

-

-

89,723

96,318

-

274,469

-

$

637,990

$

89,723

$267,203 reported as deferred outflows of resources related to pensions resulting from State contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2019. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Pension Expense

Amount

Year Ending December 31, 2020

$

122,809 6,505 22,780 118,167

2024 2023 2021 2022

(1,052) 11,855

Thereafter

Total

$

281,064

H. Payable to the Pension Plan

At December 31, 2019, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year ended December 31, 2019.

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