HomeMy WebLinkAbout4.s. Flex Spending Account _ 1
CITY OF ROSEMOUNT
EXECUTIVE SUNIl�iARY FOR ACTION
CITY COUNCIL MEETING DATE: October 19, 1993
�1GENDA ITEM: AGENDA SECTI(?N:
Transfer/Loan - Fl�xible Spending Account Consent
PREP�RED BY: AGENDA NO. � �
Jeff May, Finance Director ��p �� .
ATTACffi�IEI�T'TS : Copy of Purchase Order APP VED Y:
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Attached you will find a purchase order with a request for funds to be pai�
to the Flexible Spending Checking Account for the City of Rosemount
employees for the plan year 10/1/93 to 9/30/94 . These funds will be used
to cover potential overages in that account.
Once, again, entering t.he 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 far the funds that were forwarded to the Flexible
Spending Checking Account .
We have done this for the last three years and this process has worked very
well in handling the Flex Account .
RECOMMENDED ACTION:
Approve a motion to transfer $9, 367. 92 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:
. �
PURCHASE ORDER P�� # 2 3 3 3 2
�inn.Tax Exempt Status No.9757275
Fed.Tax No.41-6005501 �t�t�. O�`J Losemounl Vendor ID:
2875 145th Street West • PO Box 510
Phone {612) 423-4411 invoice #:
Rosemount, MN 55068-4997 Date:
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� Amount $ �'� 3 �7.S�
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QAT DATE REQUtRED TERMS SHIP VIA F.O.B. REOUISITION NO.
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