For the year ended June 30, 2021, the City recognized pension expense of $47,883,163. In
addition, the City reported deferred outflows of resources and deferred (inflows) of
resources related to pensions from the following sources:
Deferred Deferred
Outflows of (Inflows) of
Resources Resources
Differences between expected and actual experience $ 8,641,616 $ (3,435,910)
Changes of assumptions 31,654,591 -
Net difference between projected and actual earnings
on pension plan investments 19,792,498 -
Changes in proportion and differences between
contributions and proportionate share of contributions 4,370,601 (5,259,270)
Contributions subsequent to the measurement date 23,356,118 -
Total $ 87,815,424 $ (8,695,180)
The amounts reported as deferred outflows of resources related to pensions resulting from
contributions subsequent to the measurement date will be recognized as a reduction of the
net pension liability in 2022. Other amounts reported as deferred outflows of resources and
deferred (inflows) of resources related to pensions will be recognized in pension expense
as follows:
Year ended June 30:
2022 $ 10,781,524
2023 14,948,284
2024 15,347,400
2025 14,686,918
Total $ 55,764,126
Actuarial Assumptions and Other Inputs
The collective total pension lability in the June 30, 2019 actuarial valuation was
determined using the following actuarial assumptions:
Inflation 2.00%, previously 2.50%
Wage inflation 2.75%, previously 3.25%
Salary increases 5.60% average, including inflation
Investment rate of return 6.75%, net of investment expenses, including inflation,
previously 7.25%
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