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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 4:Defined Benefit Pension Plans - Statewide (Continued) <br />D. Pension Costs <br />General Employees Fund Pension Costs <br />City Proportionate Share of the Net Pension Liability 1,800,588$ <br />State of Minnesota's Proportionate Share of the Net Pension <br />Liability Associated with the City 49,654 <br />Total 1,850,242$ <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />Differences Between Expected and Actual Economic Experience 58,294$ 10,247$ <br />Changes in Actuarial Assumptions 242,132 493,526 <br />Net Difference Between Projected and Actual Investment Earnings - 2,425 <br />Changes in Proportion 114,742 - <br />Contributions Paid to PERA Subsequent to the Measurement Date 100,110 - <br />Total 515,278$ 506,198$ <br />For the year ended December 31, 2023, the City recognized pension expense of $373,657 for its proportionate share of <br />Fund. <br />resources and deferred inflows of resources related to pensions from the following sources: <br />At December 31, 2023, the City reported a liability of $1,800,588 for its proportionate share of the General Employees <br />pension liability associated with the City totaled $49,654. The net pension liability was measured as of June 30, 2023, <br />and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of <br />PERA during the measurement period for employer payroll paid dates from July 1, 2022 through June 30, 2023 relative <br />was 0.0322 percent at the end of the measurement period and 0.0303 percent for the beginning of the period. <br />73 <br />State of Minnesota's Proportionate Share of the Net PensionState of Minnesota's Proportionate Share of the Net Pension <br />Liability Associated with the CityLiability Associated with the City 49,65449,654 <br />1,850,242$ $ <br />For the year ended December 31, 2023, the City recognized pension expense of $373,657 for its proportionate share of For the year ended December 31, 2023, the City recognized pension expense of $373,657 for its proportionate share of <br />108