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NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />The City's proportion of the net pension liability was based on the City's contributions received by <br />PERA during the measurement period for employer payroll paid dates from July 1, 2019, through June <br />30, 2020, relative to the total employer contributions received from all of PERA's participating <br />employers. At June 30, 2020, the City's proportion share was 0.0566% which was an increase of <br />0.0036% from its proportion measured as of June 30, 2019. <br />City's proportionate share of the net pension liability $3,393,429 <br />State of Minnesota's proportionate share of the net pension <br />liability associated with the City 104,560 <br />Total $3,497,989 <br />For the year ended December 31, 2020, the City recognized pension expense of $233,315 for its <br />proportionate share of the GERF's pension expense. In addition, the City recognized an additional <br />$9,100 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota's <br />contribution of sixteen million to the GERF. <br />At December 31, 2020, 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 $ 28,965 $ 12,839 <br />Changes in actuarial assumptions 121,088 <br />Differences between projected and actual investment earnings 70,757 <br />Changes in proportion 157,599 38,304 <br />Contributions paid to the PERA subsequent to the measurement <br />date 157,850 <br />Total $ 415,171 $ 172,231 <br />$157,850 reported as deferred outflows of resources related to pensions resulting from City <br />contributions subsequent to the measurement date will be recognized as a reduction of the net pension <br />liability in the year ended December 31, 2021. Other amounts reported as deferred outflows and <br />inflows of resources related to pensions will be recognized in pension expense as follows: <br />Year ended December 31: Pension Expense Amount <br />2021 $ (165,931) <br />2022 55,080 <br />2023 113,955 <br />2024 81,986 <br />Total $ 85,090 <br />82 <br />