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NOTE 10 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />The amount recognized by the City as its proportionate share of the net pension liability, the direct <br />aid, 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 $3,348,488 <br />State of Minnesota's proportionate share of the net pension <br />liability associated with the City 127,643 <br />Total $3,476,131 <br />For the year ended December 31, 2024, the City recognized pension expense of $684,030 for its <br />proportionate share of the PEPFF Plan's pension expense. The City recognized $14,277 as grant <br />revenue and pension expense for its proportionate share of the State of Minnesota's pension <br />expense for the contribution of $9 million to the PEPFF special funding situation. <br />The State of Minnesota is not included as a non -employer contributing entity in the PEPFF pension <br />allocation schedules for the $28.4 million in supplemental state aid because this contribution was <br />not considered to meet the definition of a special funding situation. The City recognized $72,276 <br />for the year ended December 31, 2024 as revenue and an offsetting reduction of net pension liability <br />for its proportionate share of the State of Minnesota's on -behalf contributions to the PEPFF. <br />At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of <br />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 $ 1,272,262 $ - <br />Changes in actuarial assumptions 3,663,879 4,662,960 <br />Net difference between projected and actual earnings on <br />pension plan investments - 1,013,066 <br />Changes in proportion 281,200 481,578 <br />Contributions paid to the PERA subsequent to the measurement <br />date 327,257 <br />Total $5,544,598 $6,157,604 <br />The $327,257 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, 2025. 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 />2025 $ (105,823) <br />2026 863,485 <br />2027 (492,485) <br />2028 (1,322,378) <br />2029 116,938 <br />Total $ (940,263) <br />86 <br />