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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />89 <br /> <br /> <br />NOTE 13 - RETIREMENT PLAN - Continued <br /> <br />Retiree Health Insurance Subsidy (HIS) Program - Continued <br /> <br />For the year ended September 30, 2019, the County recognized pension expense of $1,280,370. In <br />addition, the County reported deferred outflows of resources and deferred inflows of resources related <br />to pensions from the following sources: <br /> <br /> Deferred Outflows Deferred Inflows <br />Description of Resources of Resources <br />Differences between expected and actual experience $ 330,023 $ 33,270 <br />Changes in assumptions 3,146,141 2,220,745 <br />Net difference between projected and actual <br /> earnings on pension plan investments 17,533 - <br />Changes in proportion and differences between <br /> County contributions and proportionate share of <br /> contributions 1,485,067 294,727 <br />County contributions subsequent to the measure- <br /> ment date 346,444 - <br />Total $ 5,325,208 $ 2,548,742 <br /> <br /> <br />The deferred outflows of resources related to HIS Program totaling $346,444 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, 2020. 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 /> <br /> <br />Fiscal Year Ending September 30: <br />Amount <br />Recognized <br /> 2020 $ 1,035,582 <br /> 2021 828,808 <br /> 2022 453,687 <br /> 2023 (329,450) <br /> 2024 59,842 <br />Thereafter 381,553 <br />Total $ 2,430,022 <br /> <br />