HomeMy WebLinkAbout4.i. Transfer / Loan - Flexible Spending Accounti
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETIN7 DATE: October 20, 1992
AGENDA ITEM:
AGENDA SECTION:
Transfer/Loan - Flexible Spending Account
Consent
PREPARED BY:
AGENDA No_
Jeff May, Finance Director
j
ATTACHMENTS: Cop of Purchase Order
APPR6VE BY:
v
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 10/1/92 to 9/30/93.
These funds will be used to cover potential overages in that
account.
Once again, entering the new plan year, we are facing the same
federal law that requires the employer 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 employees' payroll checks, it will be
deposited into the General Checking Account to reimburse that
account for the funds that were forwarded to the Flex Checking
Account.
We have done this for the last two years and has seemed to work
well in handling the Flex Account.
RECOMMENDED ACTIO
Approve a motion to transfer $13,196.04 from the General Fund to the
Flexible Spending Account on a temporary basis, to be paid back
through employee withholdings as the withholdings occur.
COUNCIL ACTION:
PURCHASE ORDER P.O. # 19347
Minn. Tax Exempt Status No. 9757275
Fed. Tax No. 41-6005501 11 its of CRosemouvt VendorID:
2875145th Street West • PO Box 510
Phone (612) 423-4411 Invoice #;
Rosemount, MN 55868-4997 Date:
Acct. #:
C �-ry CJs • I f fvvy.� /5 c` Amount $
To sp ., �� titr dKc.�►+�i Acct #: 1 _ t 3 lJ J
Amount $ lgi 1 .Oq
F/C: g �o
DAT DATE REQUIRED TERMS SHIP VIA F.O.B. REQUISITION NO.
ll�)�i 4
QUANTITY DESCRIPTION STOCK NUMBER PRICE AMOUNT
►� C��� �v �� i9 a — S (3J1�3 c-��� ��.�
y 3
White: Vendor Copy Yellow: Accounting Pink: File Gold: Department