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Home My WebLink About6.f. Transfer/Loan - Flexible Spending Accountt CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: June 6, 2000 AGENDA ITEM: Transfer /Loan — Flexible Spending Account AGENDA SECTION: Consent PREPARED BY: Jeff May, Finance Director AGENDft 6 ATTACHMENTS: Copy of Purchase Order APPROVED BY: V Attached you will find a purchase order with a request for additional funds to be paid to the Flexible Spending Checking Account for the City of Rosemount employees for the plan year 1/1/00 to 12/31/00. These funds will be used to cover potential overages in that account (for newly hired employees have elected to participate in the flexible spending plan). Once again, entering a new plan year, we are facing the same federal law that requires the employer to set aside a sufficient amount of dollars to cover all claimed expenses throughout the plan year, even though the amounts may not have been withheld from an employee at the time that the claims are made. The amount being requested is the adjusted total amount that will be required to cover all deposits made by employees during the upcoming plan year. As we have done in the past, when the money is withheld from the employee's payroll checks, it will be deposited into the General Checking Account to reimburse that account for the funds that were advanced to the Flexible Spending Checking Account. We have done this since 1990 and the process has worked very well in handling the Flex Account. RECOMMENDED ACTION: Motion to approve a transfer of $3,221.67 from the General Fund to the Flexible Spending Checking Account on a temporary basis, to be paid back through employee withholdings as the withholdings occur. COUNCIL ACTION: Y 6 J / mosemouvil f ' 2875 145th St. W. Rosemount MN 55068 -4997 #' Phone (651) 423 -4411 FAX (651) 423 -5203 TO: A New F] Temp Return Check to: ❑ Copied for F Copied for Fixed Use Tax Assets /Insurance Do Not Write In This Area ❑ Includes Sales Tax Fed. Tax No. 41- 6005501 Minn. Tax No. 0070716421 PURCHASE ORDER P.O. Date: s j No. 50450 Employee Signature Vendor # r C A� — 4 t fi 4 pervisor Signature Whit— Vonrinr (.nnv Vrllnlnl' Arrnnntinn rnlri- nrnarhnnnl Pink Filn 1AJ? S l)"Nl S . Do Not Write In This Area ❑ Includes Sales Tax Fed. Tax No. 41- 6005501 Minn. Tax No. 0070716421 PURCHASE ORDER P.O. Date: s j No. 50450 Employee Signature Vendor # r C A� — 4 t fi 4 pervisor Signature Whit— Vonrinr (.nnv Vrllnlnl' Arrnnntinn rnlri- nrnarhnnnl Pink Filn I -' CITY OF ROSEMOUNT Everything's Coming Up Rosemount!! June 7, 2000 Mike Bernard Research Analyst Minnesota Department of Revenue Property Tax Division Mail Station 3340 St. Paul, MN 55146 -3340 Dear Mr. Bernard: CITY HALL 2875 — 145th Street West Rosemount, MN 55068 -4997 Phone: 651 - 423 -4411 Hearing Impaired 651.423 -6219 Fax: 651 - 423 -5203 This letter is to inform you that the City of Rosemount will not be levying a transit tax under the transit services local levy option for the taxes payable year 2001. It is our understanding that by choosing not to levy a transit tax, our transit services will not be reduced in any way, but rather, continue to be funded through the Metropolitan Council as they have in past years. If you have any questions or need additional information please contact me. Sincerely, Thomas D. Burt City Administrator cc: Richard P. Johnson, Associate Regional Administrator Metropolitan Council Tim Fleetham, Budget Coordinator Metropolitan Council Beverly Miller, Executive Director Minnesota Valley Transit Authority I A x5`�� s ate. . =,. : ` 1 � � ' s a r • ' i °vim Payable 2001 Trans><t Services Levy�tL><rriitat><on -- r uberatirig Costs and Capital Expen, -- d - t - y (M. S: - 473.388, Subd. 1. Payable 2000 Met. Council Transit Tax Revenues in City a. Net Tax Payable (General Spread Levy) $ 385,386 b. Fiscal Disparity Distribution Tax (Non -Debt) 50,817 c. Homestead and Agricultural Credit Aid (HACA) (Non -Debt) 78,437 d. Total (a + b + c) $ 514,640 2. Beginning Levy Limit Base for City (88% of Line ld) $ 452,883 3. Payable 1999 Total Taxable Market Value * $ 657,779,100 4. Payable 2000 Total Taxable Market Value * $ 729,501,200 5. Payable 2000/Payable 1999 City Market Value Ratio (4/3) 1.109037 6. Payable 2001 Levy Limit (2 x 5) ** $ 502,264 * Includes tax increment values, fiscal disparity values, and powerline credit values. However, the amounts shown are after (1) limited market value adjustments and (2) market value exclusions for improvements made to qualifying homestead property ( "This Old House" exclusions). ** Before HACA reduction. Prepared by: Minnesota Department of Revenue Property Tax Division May 18, 2000 MINNESOTA Department of Revenue Property Tax Division Mail Station 3340 St. Paul, MN 55146 -3340 Phone (651) 296 -1963 Fax (651) 297 -2166 May 18, 2000 Thomas D. Burt, City Administrator City of Rosemount 2875 - 145th Street West Rosemount, Minnesota 55068 -4997 Dear Mr. Burt: The payable 2001 transit services levy limitation for operating costs and capital expenditures for the city of Rosemount has been determined. This levy limitation is determined and certified under M.S. 473.388, Subd. 7. The enclosed table shows the determination of this levy limitation. As in the past, this levy limitation amount is before HACA reduction. The statute requires that a municipality which intends to exercise the transit services local levy option for the taxes payable year 2001 must notify the Department of Revenue and the Metropolitan Council of its intent on or before June 30, 2000. The notification must include the amount of the municipality's proposed transit tax for levy year 2000, taxes payable 2001. If your city intends to levy a transit tax under the transit services local levy option for the taxes payable year 2001, please send us a certification of your city's intent along with a certification of your city's proposed payable 2001 transit tax on or before June 30, 2000. The amount of the proposed payable 2001 transit tax certified to the Department of Revenue should be the amount before HACA reduction. If the required certification is not received by the due date, your city may not levy a transit tax for the taxes payable year 2001. After June 30, 2000, your city's decision to levy or not to levy a transit tax for the taxes payable year 2001 is irrevocable. If your city has certified that it intends to levy a transit tax for the taxes payable year 2001, the only change that may be made after June 30, 2000 is to reduce the amount of the transit tax. If you have any questions concerning this letter or the enclosed table, please contact me. RECEIVED MAY 2 2 2000 CITY OF ROSEMOUNT Continued... An equal opportunity employer 77Y/YDD: (651) 215 -0069