HomeMy WebLinkAbout6.d. Transfer/Loan - Flexible Spending Account � `" CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTiON
CITY COUNCIL MEETING DATE: January 21, 1997
AGENDA ITEM: Transfer/Loan - Flexible Spending Account AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director AGEND/�r�1Q,�A .1.� < �
1 1 GiYi 1'�''
ATTACHMENTS: Copy of Purchase Order APPROVED BY:
Attached you will find a purchase order with a request for funds to be paid to the Flexible Spending
Checking Account for the City of Rosemount employees for the plan year 1/1/97 to 12/31197. These
funds will be used to cover potential overages in that accaunt.
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 al1 claimed expenses throughout the plan year,
even though the amounts may not have been withheJd from an employee at the time that the claims
are made.
The amount being requested is the total amount that will be required to cover aU deposits made by
employees during the upcoming pfan 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 Generat Checking Account to
reimburse#hat 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$35,933.98 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 ACT10N:
� Minn.Tax No.0070716421 —
��i�� o��Jlosemoun� P,O.Date: Fixed Asset PURCHASE ORDER
2875145th St. W. • PO Box 51'0
Rosemo�nt, MN 55068-0510 Yes � No. 3 7 9 5 3
Phone (612)423-4411 � �� ��
FAX (612)423-5203
Employee Signature '���d01`#� ;
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