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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.5 <br /> Agenda Section Meeting Date Prepared by <br /> ConsentJune 19, 2017 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Resolution Authorizing Transfer from Flexible Tina Allard, City Clerk <br /> Spending Account Fund to General Fund Reviewed by <br /> T.John Cunningham, Fire Chief <br /> Action Requested <br /> Adopt,by motion, a resolution authorizing transfer from the Flexible Spending Account (FSA) Fund to <br /> the General Fund. <br /> Background/Discussion <br /> As part of the employee benefits plan, the city offers flexible spending accounts that allow employees to <br /> set aside a portion of their earnings pre-tax to pay for qualified medical and dependent care expenses. <br /> Any money left unspent in the account at the end of the coverage period,in accordance with plan <br /> provisions,is forfeited and can be applied to future plan administrative costs. <br /> Since the inception of the FSA Fund, forfeited amounts of$12,332.45 have accumulated in the fund that <br /> can be transferred to the General Fund to cover plan administrative costs. Any future forfeited FSA <br /> amounts will be transferred to the General Fund as part of the year-end review process. <br /> Financial Impact <br /> Transfer $12,332.45 of forfeited amounts from the Flexible Spending Account Fund to the General <br /> Fund. <br /> Attachments <br /> ■ Resolution authorizing a transfer from the Flexible Spending Account Fund to the General <br /> Fund. <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />