contributions for the year ended June 30, 2018. The Township’s proportion measured as of June 30, 2018, was 0.1001525200% which was an increase of 0.0004686062% from its proportion measured as of June 30, 2017.
Collective Balances at December 31, 2018 and December 31, 2017
| 12/31/2018 | 12/30/2017 | |
| Actuarial valuation date (including roll forward) | June 30, 2018 | June 30, 2017 |
| Deferred Outflows of Resources | $ 4,531,660 | $ 6,485,889 |
| Deferred Inflows of Resources | 6,707,145 | 4,853,096 |
| Net Pension Liability | 19,719,532 | 23,204,822 |
| Township's portion of the Plan's total net pension Liability | 0.10015% | 0.09968% |
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2018, the Township’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2018 measurement date is $1,320,061. This expense is not recognized by the Township because of the regulatory basis of accounting as described in Note 1, but as previously mentioned the Township contributed $996,194 to the plan in 2018.
At December 31, 2018, the Township reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:
| Deferred Outflows of Resources | Deferred Inflows of Resources | |
|---|---|---|
| Differences between Expected and Actual Experience | $ 376,054 | $ 101,680 |
| Changes of Assumptions | 3,249,452 | 6,305,258 |
| Net Difference between Projected and Actual Earnings on Pension Plan Investments | - | 184,970 |
| Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions | 906,154 | 115,237 |
| $ 4,531,660 | $ 6,707,145 |
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