District makes last payment for Legacy Elementary

November 17, 2016

 

The Tea Area School District monthly board meeting was called to order at 6:30 p.m. on Monday, November 14th, 2016.

In the Business Manager’s report, Chris Esping identified that the District will be making its last payment for Legacy Elementary. She also indicated that an additional payment will need to be made to the workman’s compensation program for adjustments made this year on staff salaries.

In the past, Tea Area School District self-administered their FLEX accounts through AFLAC. Now, DakotaCare offers to administer the FLEX accounts at no cost. This has improved the timeliness of the process. The district is seeing more participation in FLEX accounts, which has also increased the District’s liability. There are two types of FLEX accounts: dependent care and medical. Participants cannot collect on the dependent care accounts until the money is paid into the account; however, per IRS guidelines, medical costs can be reimbursed immediately. Although this hasn’t been an issue and the district does deposit $3,300 into the account each month, it does expose the possibility of having more expenses than deposits prior to payroll deposit being made each month. Currently the reimbursement account is at Valley Exchange Bank, but they do not offer Internet banking which makes it difficult for the Business Manager to track consistently. Business Manager Esping asked the board for approval to move the account from Valley Exchange Bank to Reliabank which offers Internet banking to make consistent monitoring easier to do. The board unanimously approved the closing of the FLEX account at Valley Exchange Bank and moving of funds to a new account at Reliabank. The board also approved to allow Esping to fund the account ahead of payroll to avoid penalties if deemed necessary. 

 

Login to read the rest.

Please reload

© 2019 TeaWeekly

Proud to be an independently owned newspaper serving Tea, SD.