2021 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2021

Public Employees' Retirement Association (Continued) D. Pension Costs (Continued) NOTE 14 – PENSION PLANS (CONTINUED)

At December 31, 2021, the City reported its proportionate share of the Police and Fire Plan's deferred outflows of resources and deferred inflows of resources, from the following sources:

Deferred

Deferred Inflows of Resources

Outflows of Resources

Differences between expected and actual experience

$

715,317 5,537,023

$

63,798

Changes in actuarial assumptions

2,244,201

Net difference between projected and actual earnings on plan

investments

-

6,928,437 388,159

Changes in proportion

544,210 306,229

Contributions to PEPFF subsequent to the measurement date

-

7,102,779 $

9,624,595 $

The $544,210 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, 2022. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense on the following page.

Pension Expense

Year Ending December 31,

Amount

2022 2023 2024 2025 2026

$

(2,484,102) (489,071) 1,173,998 (817,852) (448,999)

Total

$

(3,066,026)

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