2023 Annual Comprehensive Financial Report

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

F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2023, the City recognized OPEB expense of $162,727. At December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: NOTE 15 – POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)

Resources Deferred Inflows of

Deferred

Outflows of Resources

Changes in actuarial assumptions

$

87,485 272,497 81,720

$

780,981 603,774

Differences between expected and actual experience Contributions to OPEB subsequent to the measurement date

$ 1,384,755 -

$

441,702

Deferred outflows of resources totaling $87,485 related to pensions resulting from the City’s contributions to OPEB subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended December 31, 2024. Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows:

OPEB Expense Amount

Year Ending December 31,

2027 2026 2028 2024 2025

$

(122,861) (119,021) (124,289) (119,021) (426,325) (119,021)

Thereafter

Total

$

(1,030,538)

105