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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2018 <br />NOTE 13 - RETIREMENT PLAN - Continued <br />Retiree Health Insurance Subsidy (HIS) Program - Continued <br />For the year ended September 30, 2018, the County recognized pension expense of $1,088,725. 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 $ 388,467 $ 43,110 <br />Changes in assumptions 2,821,912 2,682,761 <br />Net difference between projected and actual <br />earnings on pension plan investments 15,316 - <br />Changes in proportion and differences between <br />County contributions and proportionate share of <br />contributions 1,486,303 394,542 <br />County contributions subsequent to the measure- <br />ment date 321,835 - <br />Total $ 5,033,833 $ 3,120,413 <br />The deferred outflows of resources related to HIS Program totaling $321,835 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, 2019. 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 />2019 $ 1,111,593 <br />2020 1,107,481 <br />2021 775,866 <br />2022 174,263 <br />2023 (1,081,698) <br />Thereafter (495,920) <br />Total $ 1,591,585 <br />91 <br />