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CABARR US COUNTY TOURISM AUTHORITY d/b/a CABARR US COUNTY CONVENTION AND VISITORS B UREA U NOTES TO FINANCIAL STATEMENTS For the Year Ended June 30, 2016 NOTE 4- RETIREMENT PLAN(cont'd) At June 30, 2015, the Bureau's proportion was 0.01865%, which was a decrease of .00033% from their proportion measured as of June 30, 2014. For the year ended June 30, 2016, the Bureau recognized pension expense of$39,131. At June 30, 2016, the Bureau reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ - $ 19,674 Changes of assumptions - - Net difference between projected and actual earnings on pension plan investments - 23,829 Changes in proportion and differences between Bureau contributions and proportionate share of contributions 6,831 5,227 Bureau contributions subsequent to the Measurement date 72,368 - Total $ 79,199 $ 48,730 $72,368 reported as deferred outflows of resources related to pensions resulting from Bureau contributions subsequent to the measurement date will be recognized as an increase of the net pension asset in the year ended June 30, 2017. Other amounts reported as deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended June 30: 2017 $ (26,849) 2018 (26,849) 2019 (26,841) 2020 38,640 2021 - Thereafter - Actuarial Assumptions. The total pension liability in the December 31, 2014 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.0 percent Salary increases including inflation and productivity factor 4.25 to 8.55 percent Investment rate of return, net of pension plan investment 7.25 percent expense, including inflation -Continued- 26 Attachment number 1 \n 1-5 Page 169