2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2020

NOTE 14 – PENSION PLANS (CONTINUED)

G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2019, the City recognized pension expense of $59,686. At December 31, 2019, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Defined Benefit Pension Plan – Volunteer Fire Fighter's Relief Association (Continued)

Inflows of Resources Deferred

Deferred

Outflows of Resources

Net difference between projected and actual earnings on pension plan investments Difference between expected and actual liability Contributions paid subsequent to the measurement date Changes in assumptions

$

287,106

$

-

76,861

-

84,508

-

-

229,453

$

371,614

$

306,314

$287,106 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, 2021. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Pension Expense

Amount

Year Ending December 31, 2021 2022

$

(88,510) (72,235) 23,152 (96,068)

2025 2024 2023

(406)

Thereafter

12,261

Total

$

(221,806)

H. Payable to the Pension Plan

At December 31, 2020, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year ended December 31, 2020.

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