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NOTE 8–DEFINED BENEFIT PENSION PLANS–STATE-WIDE (CONTINUED) <br /> At December 31,2015,the City reported its proportionate share of the GERF's deferred outflows of <br /> resources and deferred inflows of resources related to pensions from the following sources: <br /> Deferred Deferred <br /> Outflows of Inflows of <br /> Resources Resources <br /> Differences between expected and actual economic experience $ - $132,734 <br /> Difference between projected and actual investment earnings 249,227 - <br /> Changes in proportion - 42,277 <br /> Contributions paid to PERA subsequent to the measurement <br /> date 124,940 - <br /> Total 374 168 &L75-012 <br /> $124,940 reported as deferred outflows of resources related to pensions resulting from City contributions <br /> subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year <br /> ended December 31, 2016. Other amounts reported as deferred outflows and inflows of resources related <br /> to pensions will be recognized in pension expense as follows: <br /> Year ended December 31: Pension Expense Amount <br /> 2016 $ 3,969 <br /> 2017 3,969 <br /> 2018 3,969 <br /> 2019 62,309 <br /> 2. PEPFF Pension Costs <br /> At December 31, 2015, the City reported a liability of$2,374,729 for its proportionate share of the <br /> PEPFF's net pension liability. The net pension liability was measured as of June 30,2015,and the total <br /> pension liability used to calculate the net pension liability was determined by an actuarial valuation as <br /> of that date. The City's proportion of the net pension liability was based on the City's contributions <br /> received by PERA during the measurement period for employer payroll paid dates from July 1, 2014, <br /> through June 30, 2015, relative to the total employer contributions received from all of PERA's <br /> participating employers. At June 30, 2015,the City of Ramsey's proportion was 0.209 % which was <br /> an increase of 0.005 %from its proportion measured as of June 30,2014. <br /> For the year ended December 31, 2015, the City recognized pension expense of $418,425 for its <br /> proportionate share of the PEPFF's pension expense. The City also recognized $18,810 for the year <br /> ended December 31,2015,as revenue for its proportionate share of the State of Minnesota's on-behalf <br /> contributions to the PEPFF. Legislation passed in 2013 required the State of Minnesota to begin <br /> contributing$9 million to the PEPFF each year, starting in fiscal year 2014. <br /> 82 <br />