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NOTE 10 — DEFINED BENEFIT PENSION PLANS — STATE-WIDE (CONTINUED) <br />For the year ended December 31, 2025, the City recognized pension expense of $713,706 for its <br />proportionate share of the PEPFF Plan's pension expense. The City recognized $48,366 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 $9 million in supplemental state aid because this contribution was not <br />considered to meet the definition of a special funding situation. The City recognized $65,713 for <br />the year ended December 31, 2025 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, 2025, 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 Inflows <br />of Resources of Resources <br />Differences between expected and actual economic experience $ 1,332,343 $ — <br />Changes in actuarial assumptions 2,186,739 3,613,105 <br />Net difference between projected and actual earnings <br />on pension plan investments — 1,287,018 <br />Changes in proportion 233,455 244,359 <br />Employer contributions subsequent to the <br />measurement date 364,209 <br />Total $ 4,116,746 $ 5,144,482 <br />The $364,209 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, 2026. Other amounts reported as deferred outflows and <br />deferred inflows of resources related to pensions will be recognized in pension expense as follows: <br />Pension <br />Year Ending Expense <br />December 31, Amount <br />2026 $ 692,985 <br />2027 (637,040) <br />2028 (1,436,587) <br />2029 (62,691) <br />2030 51,388 <br />Total $ (1,391,9451 <br />86 <br />