HomeMy WebLinkAbout4.e. Transfer/Loan - Flexible Spending Account , ' CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: January 17, 1995
AGENDA ITEM: Transfer/Loan - Fiexibie Spending Account AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director AGENDA �� � i- �
Gt,
ATTACHMENTS: Copy of Purchase Order APPROVED BY:
Attached you wilf 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 pland year 1/1/95 to 12/31/95.
These funds will be used to cover potential overages in that account.
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 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 $36,343.34 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:
F2�.�iax No.41-6U05501
�� � Minn.Tax No. 0070716421
�i�r� of C�J�,osemounl P.O. Date: Fixed Asset PURCHASE ORDER
2875 145th St. W. • PO Box 510
Rosemount, MN 55068-0510 -- Yes � No. 2 8 7�7
Phone (612) 423-4411 '_'� _ C;�j
FAX (612) 423-5203
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