CITY OF LAGUNA NIGUEL NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) K. Pension Plans (Continued) lated to changes in total pension liability and fiduciary net po Gains and losses re sition sion expense systematically over time. The first amortized are recognized in pen amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and inflows of resources related to pensions and are to be recognized in further pension expense. The amortization period differs depending on the source of the gain or loss. The difference between projected and actual earnings is amortized over five years. All other amounts are amortized straight-line over th all e average expected remaining service lives of members t ctive, and retired) as of the hat are provided with benefits (active, ina the measurement period. The net pension liability is generally liquidated by beginning of the General Fund. L. Other Postemployment Benefits Plan For the purpose of measuring the s of resources Total OPEB liability, deferred outflow and deferred inflows of resources related to OPEB, and OPEB expense, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. The following timeframes are reported OPEB reporting: Valuation D ate June 30, 2022 Measurement Date June 30, 2024 Measurement Period July 1, 2023 to June 30, 2024 Gains and losses related to changes in total OPEB liability are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. Gain and loss are amortized on a straight-line basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period. Other postemployment benefits are generally liquidated by the General Fund. M. Property Taxes Property tax revenue is recognized in the fiscal year for which the taxes have been levied providing they become available. Available means due, or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (not to exceed 60 days) to be used to pay liabilities in the current period. (45)