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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 />HIS PLAN (CONTINUED) <br />For the fiscal year ended September 30, 2023, the City recognized pension expense of <br />$2,927,079. In addition, the City reported deferred outflows of resources and deferred <br />inflows of resources related to pensions from the following sources: <br />Description <br />Difference between expected and actual experience <br />Change of assumption <br />Net difference between projected and actual earnings <br />on HIS Plan investments <br />Changes in proportion and differences between City <br />HIS Plan contributions and proportionate share of contributions <br />City HIS Plan contributions subsequent to the measurement date <br />Total <br />Deferred <br />Deferred <br />Outflows of <br />Inflows of <br />Resources <br />Resources <br />$ 121,259 <br />$ 19,442 <br />217,761 <br />717,760 <br />4,278 <br />-- <br />648,854 -- <br />95,103 -- <br />$ 1,087,255 $ 737,202 <br />Deferred outflows of resources related to HIS of $95,103 resulting from City contributions <br />subsequent to the measurement date of June 30, 2023 will be recognized as a reduction of <br />the net pension liability in the subsequent fiscal year. Other amounts reported as deferred <br />outflows of resources and deferred inflows of resources related to pensions will be <br />recognized in pension expense (income), as follows: <br />For the Fiscal Year Ended <br />September 30, <br />Amount <br />2024 <br />$ 96,807 <br />2025 <br />99,711 <br />2026 <br />50,343 <br />2027 <br />(34,076) <br />2028 <br />20,805 <br />Thereafter <br />21,360 <br />Total <br />$ 254,950 <br />59 <br />