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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 13 - RETIREMENT PLAN - Continued <br />Retiree Health Insurance Subsidy (HIS) Program - Continued <br />For the year ended September 30, 2016,.the County recognized pension expense of $1,343,828. In <br />addition, the County reported deferred outflows of resources and deferred inflows of resources related <br />to pensions from the following sources: <br />Deferred Outflows Deferred Inflows <br />Description of Resources of Resources <br />Differences between expected and actual experience $ - $ 60,536 <br />Changes in assumptions 4,170,851 <br />Net difference between projected and actual <br />earnings on pension plan investments 13,439 - <br />Changes in proportion and differences between <br />County contributions and proportionate share of <br />contributions 789,358 531,012 <br />County contributions subsequent to the measure- <br />ment date 316,322 - <br />Total $ 5,289,970 $ 591,548 <br />The deferred outflows of resources related to HIS totaling 5316,322 resulting from County <br />contributions subsequent to the measurement date, will be recognized as a reduction of the net pension <br />liability in the year ended September 30, 2017. Other amounts reported as deferred outflows of <br />resources and deferred inflows of resources related to HIS Program will be recognized in pension <br />expense as follows: <br />Amount <br />Fiscal Year Ending September 30: Recognized <br />2017 $ 784,396 <br />2018 784,396 <br />2019 780,014 <br />2020 780,014 <br />2021 674,843 <br />Thereafter 578,437 <br />4,3 82,100 <br />91 <br />