2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023

NOTE 14 – PENSION PLANS (CONTINUED)

G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2022, the City recognized negative pension expense of $81,371. At December 31, 2022, 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)

Deferred

Resources Inflows of Deferred

Outflows of Resources

Contributions paid subsequent to the measurement date Difference between expected and actual liability

$

391,069 30,869 147,306

$

-

38,275

-

Changes in assumptions

Net difference between projected and actual earnings on

578,785

pension plan investments

-

$ 1,148,029

$

38,275

$391,069 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, 2024. 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

Year Ending December 31, 2024 2025

Amount

$

254,002 21,236 192,579 42,986 56,109 151,773

2026 2027 2028

Thereafter

$

718,685

Total

H. Payable to the Pension Plan

At December 31, 2023, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year ended December 31, 2023.

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