HomeMy WebLinkAbout4.e. Transfer / Loan - Flexible Spending AccountEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE! August 4, 1992
AGENDA ITEM:
AGENDA 'SECTION:
Transfer/Loan - Flexibl Spending Account
Consent
PREPARED BY:AGENDIJIM
W # 4E
Jeff May, Finance Director
ATTACHMENTS: Copy of Purchase Order
AP OVE BY:
i
Attached you will fired a purchase order with a request 4or
additional funds to be paid to the Flexible Spending Checking`
Account for the Citylof Rosemount Employees. Back in November of
1991, an amount was transferred to that checking account to cover
the plan year ;that r ns from 10/1/91 to 9/30/92. Due to turnover
and changes in the s atus of some employees, the amount from 'last
year will be insuffi ient to cover the remainder of this plan
year's transactions.
Most of that money has been returned to the General Account for
the City through the withholdings from employees' payroll checks.
:This transfer is necessary to cover timing problems that may
occur as a result of federal law that allows for reimbursement of
medical expenses to employees that have not deposited sufficient
monies in their account to cover their bills. As before, the
money put into the Flexible Spending Account will be reimbursed
to the City through withholdings from employees' payroll checks.
The amount needed to cover the balance of the current plan year
is $2,473.60 and will, be reimbursed to the City account by the
end of September of this year. -
RECOMMENDED ACTION:
Adopt a motion to transfer $2,473.60 from the General Fund to the
Flexible Spending Account on a temporary basis, to be paidback
through employee withholdings as the withholdings occur.
COUNCIL ACTION:
PURCHASE_ ORDER P O. #18666
Minn. Tax Exempt Status No. 9757275 - n
Fed. Tax No. 41-6005501 lP tly Of 9-osemouvil Vendor ID:
2875145th Street West - PO Box 510
Phone (612) 423-4411 Invoice #:
Rosemount, MN 55068-4997 Date:
p Acct. #:
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TO SP�',wD�ti4. /�-CC-uAcct #: Ivy — I31J.J
LAmount $
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DATE DATE REQUIRED TERMS SHIP VIA F.O.B. REQUISITION NQ.
QUANTITY - r DESCRIPTION STOCK NUMBER
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PRICE - AMOUNT
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