2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 15 – POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)

For the year ended December 31, 2024, the City recognized OPEB expense of $5,472. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB

Deferred

Deferred Inflows of Resources

Resources Outflows of

Changes in actuarial assumptions

$ 1,055,271

$

522,895 679,545

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

134,389 418,133

-

$ 1,607,793

$ 1,202,440

Deferred outflows of resources totaling $134,389 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, 2025. Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows:

OPEB Expense

December 31, Year Ending

Amount

202 9 202 7 202 8 202 6 202 5

$

20,752 16,912 20,752 15,484

3,016

Thereafter

194,048

Total

$

270,964

100