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6.A. - Page 100 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />A. Pension Plan, Continued
<br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions:
<br />For the fiscal year ended June 30, 2019, the City recognized pension expense of $4,164,515 for the
<br />Miscellaneous Plan and $4,999,995 for the Safety Plan. At June 30, 2019, the City reported deferred outflows
<br />of resources and deferred inflows of resources related to pensions from the following sources:
<br />Pension contributions subsequent to measurement
<br />Changes of Assumptions
<br />Differences between Expected and Actual
<br />Net differences between projected and actual
<br />earnings on plan investments
<br />Total
<br />Miscellaneous Plan Safety Plan
<br />Deferred Outflows Deferred Inflows Deferred Outflows Deferred Inflows
<br />of Resources of Resources of Resources of Resources
<br />$ 10,135,737 $ - $ 12,871,662 $ -
<br />5,150,784 (1,689,835) 10,152,357 (1,106,811)
<br />1,168,947 - 4,179,877 -
<br />156,592 - 154,440 -
<br />$ 16,612,060 $ (1,689,835) $ 27,358,336 $ (1,106,811)
<br />$23,007,399 reported as deferred outflows of resources related to contributions subsequent to the measurement
<br />date will be recognized as a reduction of the net pension liability in the fiscal year ended June 30, 2020. Other
<br />amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will
<br />be recognized as pension expenses as follows:
<br />Fiscal Year Ending June 30:
<br />2020
<br />2021
<br />2022
<br />2023
<br />Total
<br />Annual Amortization
<br />Miscellaneous Plan
<br />$ 7,518,106
<br />192,700
<br />(2,298,202)
<br />(626,116)
<br />$ 4,786,488
<br />Safety Plan
<br />$ 9,962,829
<br />6,062,570
<br />(1,985,978)
<br />(659,558)
<br />$ 13,379,863
<br />72 107
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