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NOTE 10 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />The City's proportionate share 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, 2022, <br />through June 30, 2023, relative to the total employer contributions received from all of the PERA's <br />participating employers. The City's proportionate share was 0.0620% at the end of the measurement <br />period and 0.0603% for the beginning of the period. <br />The amount recognized by the City as its proportionate share of the net pension liability, the direct aid, <br />and total portion of the net pension liability that was associated with the City were as follows: <br />City's proportionate share of the net pension liability $3,466,971 <br />State of Minnesota's proportionate share of the net pension <br />liability associated with the City 95,709 <br />Total $3,562,680 <br />For the year ended December 31, 2023, the City recognized pension expense of $646,606 for its <br />proportionate share of the GERF's pension expense. In addition, the City recognized an additional <br />$429 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota's <br />contribution of $16.0 million to the GERF. <br />At December 31, 2023, 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 $ 113,107 $ 23,768 <br />Changes in actuarial assumptions 558,033 950,267 <br />Net collective difference between projected and actual <br />investment earnings - 167,951 <br />Changes in proportion 177,422 29,893 <br />Contributions paid to the PERA subsequent to the measurement <br />date 203,584 <br />Total $ 1,052,146 $1,171,879 <br />A total of $203,584 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 ending December 31, 2024. Other amounts reported as deferred outflows and <br />deferred inflows of resources related to pensions will be recognized in pension expense as follows: <br />Year ended December 31: Pension Expense Amount <br />2024 $ 160,195 <br />2025 (510,731) <br />2026 102,430 <br />2027 (75,211) <br />Total $ (323,317) <br />84 <br />