2018 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2018

NOTE 13 – PENSION PLANS (CONTINUED) Defined Benefit Pension Plan – Volunteer Fire Fighter's Relief Association (Continued) G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2017, the City recognized pension revenue of $132,686. At December 31, 2017, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflows of Resources

Deferred Inflows of Resources

Contributions paid subsequent to the measurement date Difference between expected and actual liability

$

259,378

$

-

-

58,485

Changes in assumptions

24,439

-

Net Difference Between Projected and Actual Earnings on Pension Plan Investments

-

200,849

Total

$

283,817

$

259,334

$259,378 reported as deferred outflows of resources related to pensions resulting from State contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2019. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year Ending December 31,

Pension Expense

Amount

2019 2020 2021 2022 2023

$

(3,401)

(313)

(116,617) (100,342)

(4,956) (9,266)

Thereafter

Total

$

(234,895)

H. Payable to the Pension Plan At December 31, 2018, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year ended December 31, 2018. 88