2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 14 – PENSION PLANS (CONTINUED)

Public Employees' Retirement Association (Continued)

D. Pension Costs (Continued)

1. General Employees Fund Pension Costs (Continued)

At December 31, 2024, the City reported its proportionate share of the General Employees Plan's deferred outflows of resources and deferred inflows of resources, related to pensions from the following sources:

Deferred

Inflows of Resources Deferred

Outflows of Resources

Differences between expected and actual experience

$

467,111 31,403

$

26,483

Changes in actuarial assumptions

1,645,608

Net difference between projected and actual earnings on plan investments Changes in proportion Contributions to GERF subsequent to the measurement date

- 40,913 387,803

1,219,113 130,681

-

$

927,230

$ 3,021,885

The $387,803 reported as deferred outflows of resources related to pensions resulting from City contributions to General Employees Fund subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

December 31, Year Ending

Pension Expense

Amount

202 5 202 6 202 7 202 8

$

(222,039) (509,595) (325,179) (1,425,645)

Total

$

(2,482,458)

88