Page 85 - Hudson City Schools CAFR 2017

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2017

NOTE 12 - DEFINED BENEFIT PENSION PLANS - (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions

The net pension liability was measured as of June 30, 2016, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of that date. The District's proportion
of the net pension liability was based on the District's share of contributions to the pension plan relative to
the contributions of all participating entities. Following is information related to the proportionate share
and pension expense:

SERS STRS Total
Proportion of the net pension
liability prior measurement date 0.30686400% 0.26310210%
Proportion of the net pension
liability current measurement date 0.30361027% 0.25761786%
Change in proportionate share -0.00325373% -0.00548424%
Proportionate share of the net
pension liability $ 22,221,471 $ 86,232,462 $ 108,453,933
Pension expense 2,259,644 5,566,809 7,826,453

At June 30, 2017, the District reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:

SERS STRS Total
Deferred outflows of resources
Differences between expected and
actual experience $ 299,716 $ 3,484,205 $ 3,783,921
Net difference between projected and
actual earnings on pension plan investments 1,832,948 7,159,610 8,992,558
Changes of assumptions 1,483,405 - 1,483,405
Difference between District contributions
and proportionate share of contributions/
change in proportionate share - 22,633 22,633
District contributions subsequent to the
measurement date 1,330,445 3,936,656 5,267,101

Total deferred outflows of resources $ 4,946,514 $ 14,603,104 $ 19,549,618

Deferred inflows of resources
Difference between District contributions
and proportionate share of contributions/
change in proportionate share $ 142,005 $ 2,128,804 $ 2,270,809
Total deferred inflows of resources $ 142,005 $ 2,128,804 $ 2,270,809

F 63