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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2016 <br /> <br /> <br />NOTE 13 – PENSION PLAN (Continued) <br /> <br />Deferred Outflows Deferred Inflows <br />of Resources of Resources <br />Pension contributions subsequent to measurement date 10,343,091$ -$ <br />Differences between actual and expected experience (4,787,594) <br />Changes in assumptions (4,228,328) <br />Change in employer's proportion and differences between <br /> the employer’s contributions and the employer’s <br /> proportionate share of contributions (3,476,681) <br />Net differences between projected and actual earnings <br /> on plan investments (2,913,307) <br />Total 10,343,091$ (15,405,910)$ <br /> <br />The $10,343,091 reported as deferred outflows of resources related to contributions subsequent to the <br />measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, <br />2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources related <br />to pensions will be recognized as pension expense as follows: <br /> <br />Year Ended <br />June 30 <br />2016 ($9,570,561) <br />2017 (5,156,270) <br />2018 (3,903,549) <br />2019 3,224,470 <br />NOTE 14 – OTHER POST EMPLOYMENT BENEFITS <br /> <br />The City implemented the provisions of GASB 45. Accounting and Financial Reporting by Employers for <br />Postemployment Benefits Other Than Pensions, in fiscal year 2008-09. This Statement establishes <br />uniform financial reporting standards for employers providing postemployment benefits other than <br />pension. The provisions of this Statement are applied prospectively and do not affect prior financial <br />statements. Required disclosures are presented below. <br /> <br />A. Plan Description <br /> <br />The City’s defined benefit Other Post Employment Benefit (OPEB) Plan, which was established by City <br />Council in fiscal year 2009-10 in accordance with GASB Statement No. 45, provides reimbursements to <br />retirees for qualified expenses. Retirees who have at least ten years of service and meet certain criterion <br />based upon retirement date, household income in the most recent calendar year and age are entitled to <br />reimbursements for qualified expenses. <br /> <br />79