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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 7 — EMPLOYMENT RETIREMENT SYSTEM (CONTINUED) <br />PENSION PLAN — FRS (CONTINUED) <br />Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred <br />Inflows of Resources Related to Pensions <br />At September 30, 2023, the City reported a liability of $25,458,602 for its proportionate <br />share of the Pension Plan's net pension liability. The net pension liability was measured as <br />of June 30, 2023, and the total pension liability used to calculate the net pension liability <br />was determined by an actuarial valuation as of July 1, 2023. The City's proportion of the <br />net pension liability was based on a projection of the City's 2022-23 fiscal year <br />contributions relative to the 2022-22 fiscal year contributions of all participating members. <br />At June 30, 2023, the City's proportion was .063891151%, which was an increase of <br />.006635051% from its proportion measured as of June 30, 2022. <br />For the year ended September 30, 2023, the City recognized pension expense of <br />$2,386,034. At September 30, 2023, the City reported deferred outflows of resources and <br />deferred inflows of resources related to pensions from the following sources: <br />Deferred Deferred <br />Outflows of Inflows of <br />Description Resources Resources <br />Difference between expected and actual experience <br />Change of assumption <br />Net difference between projected and actual earnings <br />on pension plan investments <br />Changes in proportion and differences between City <br />contributions and proportionate share of contributions <br />City contributions subsequent to the measurement date <br />Total <br />$ 2,390,343 $ -- <br />1,659,603 -- <br />1,063,220 -- <br />1,679,289 574,011 <br />794,016 -- <br />$ 7,586,471 $ 574,011 <br />54 <br />