NOTES TO FINANCIAL STATEMENTS NOTE 7. PENSION BENEFIT PLANS (CONTINUED) The Authority’s changes in the net pension liability (asset) by source for the fiscal year ended June 30, 2018, is reflected below: Total Pension Liability (a) Beginning Balance Changes for the year: Service cost Interest Experience changes Assumption changes Contributions – employer Contributions – employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Net changes Ending Balance $ $ 4,497 19,958 (1,020) (3,549) - - - (8,658) - 11,228 261,465 $ Plan Fiduciary Net Position (b) 250,237 $ - - - - 12,824 798 28,503 (8,658) (706) 32,761 267,944 $ Net Pension Liability (Asset) (a) – (b) 235,183 $ 15,054 4,497 19,958 (1,020) (3,549) (12,824) (798) (28,503) - 706 (21,533) (6,479) The required schedule of changes in the Authority’s net pension liability (asset) 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, 2019 and 2018, the Authority recognized pension expense of $10,165 and $10,819. The Authority reported deferred outflows and inflows of resources related to pensions from the following sources as of June 30, 2019: Deferred Outflows Deferred Inflows of Resources of Resources Pension assumption changes Pension experience differences Pension investment return Pension contribution subsequent to measurement date Total $ 3,506 $ 2,916 5,703 10,165 $ 22,290 $ 2,034 1,854 - - 3,888 31
