Sensitivity of the Proportionate Share of the Net Pension Liability (Asset) to Changes in
the Discount Rate
The following presents the City’s proportionate share of the net pension liability (asset) cal-
culated using the discount rate of 7.00%, as well as what the City’s proportionate share of the
net pension liability (asset) would be if it were calculated using a discount rate that is
one percentage-point lower or one percentage-point higher than the current rate:
Current
1% Discount 1%
Decrease Rate Increase
$ 5,932,766 $ 257,345 $(4,603,099)
Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred
(Inflows) of Resources Related to Pensions
At June 30, 2021, the City reported a liability of $257,345 for its net pension liability. The net
pension liability was measured as of June 30, 2021, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2020.
The City’s net pension liability was based on a projection of the City’s long-term share of
contributions to the pension plan relative to the projected contributions of all participating
employers, actuarially determined.
For the year ended June 30, 2021, the City recognized pension expense (gain) of $(1,168,294).
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 $ 6,634 $ (1,359,364)
Changes of assumptions 1,659,527 (374,365)
Net difference between projected and actual
earnings on pension plan investments - (5,880,790)
Total $ 1,666,161 $ (7,614,519)
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