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NOTE 8 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />At December 31, 2016, 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 $ - $335,071 <br />Changes in actuarial assumptions 807,621 <br />Difference between projected and actual investment earnings 782,888 <br />Changes in proportion 28,185 <br />Contributions paid to PERA subsequent to the measurement <br />date 135,603 <br />Total $1,726,112 $363,256 <br />$135,603 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 ofthe net pension liability in the year <br />ended December 31, 2017. 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 />2017 $ 339,975 <br />2018 339,975 <br />2019 398,312 <br />2020 148,991 <br />2. PEPFF Pension Costs <br />At December 31, 2016, the City reported a liability of $8,347,402 for its proportionate share of the PEPFF's <br />net pension liability. The net pension liability was measured as of June 30, 2016, and the total pension <br />liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. <br />The City's proportion of the net pension liability was based on the City's contributions received by PERA <br />during the measurement period for employer payroll paid dates from July 1, 2015, through June 30, 2016, <br />relative to the total employer contributions received from all of PERA's participating employers. At June <br />30, 2016, the City of Ramsey's proportion was 0.208 % which was a decrease of 0.001 % from its <br />proportion measured as of June 30, 2015. <br />For the year ended December 31, 2016, the City recognized pension expense of $1,452,913 for its <br />proportionate share of the PEPFF's pension expense. The City also recognized $18,720 for the year ended <br />December 31, 2016, 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 />