NOTES TO FINANCIAL STATEMENTS (In Thousands) NOTE 7. PENSION BENEFIT PLANS (CONTINUED) The Authority’s changes in the net pension liability by source for the fiscal year ended June 30, 2017, is reflected below: Total Pension Liability (a) Beginning Balance Changes for the year: Service cost Interest Assumption changes Contributions—employer Contributions—employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Net changes Ending Balance $ $ 4,226 18,563 1,120 - - - (7,840) - 16,069 250,237 $ Plan Fiduciary Net Position (b) 234,168 $ 224,134 $ - - - 18,631 814 (47) (7,840) (509) 11,049 235,183 $ Net Pension Liability (a) – (b) 10,034 4,226 18,563 1,120 (18,631) (814) 47 - 509 5,020 15,054 The required schedule of changes in the Authority’s net pension liability and related ratios immediately following the notes to the financial statements presents multi-year trend information about whether the value of plan assets are increasing or decreasing over time relative to the total pension liability. Deferred outflows and inflows of resources. During the years ended June 30, 2018 and 2017, the Authority recognized pension expense of $10,819 and $12,824. The Authority reported deferred outflows and inflows of resources related to pensions from the following sources as of June 30, 2018: Deferred Outflows Deferred Inflows of Resources of Resources Pension assumption changes Pension experience differences Pension investment return Pension contribution subsequent to measurement date Total $ 5,255 $ 2,347 17,577 10,819 $ 35,998 $ 2,795 2,806 9,062 - 14,663 32
