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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br />Note 4: Defined Benefit Pension Plans - Statewide (Continued) <br />City's Proportionate Share of the Net Pension Liability 1,228,966$ <br />State of Minnesota's Proportionate Share of the Net Pension <br />Liability Associated with the City 31,779 <br />Total 1,260,745$ <br />Deferred Deferred <br />Outflows Inflows <br />of Resources of Resources <br />Differences Between Expected and Actual Economic Experience 113,936$ -$ <br />Changes in Actuarial Assumptions 5,469 454,487 <br />Net Difference Between Projected and Actual Investment Earnings - 328,233 <br />Changes in Proportion 66,778 - <br />Contributions Paid to PERA Subsequent to the Measurement Date 113,162 - <br />Total 299,345$ 782,720$ <br />(285,795)$ <br />(67,240) <br />(149,310) <br />(94,192) <br />At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to <br />pensions from the following sources: <br />The $113,162 reported as deferred outflows of resources related to pensions resulting from the City's contributions <br />subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended <br />December 31, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions <br />will be recognized in pension expense as follows: <br />2025 <br />2026 <br />2027 <br />For the year ended December 31, 2024, the City recognized pension expense of $201,445 for its proportionate share of <br />Employees Fund. <br />2028 <br />The net pension liability was measured as of June 30, 2024, and the total pension liability used to calculate the net <br />0.0322 percent for the beginning of the period. <br />During the plan year ended June 30, 2024, the State of Minnesota contributed $170.1 million to the General Employees <br />Fund. The State of Minnesota is not included as a non-employer contributing entity in the General Employees Plan <br />pension allocation schedules for the $170.1 million in direct state aid because this contribution was not considered to <br />meet the definition of a special funding situation. The City recognized $56,544 for the year ended December 31, 2024 as <br />behalf contributions to the General Employees Fund. <br />75 102