State Auditor Crit Luallen released a study today of local school district flexible spending accounts.
State Auditor Crit Luallen released a study of Flexible Spending Accounts under the purview of the Kentucky Department of Education. A streamlining of the management of the state's Flexible Spending Accounts could add over a half a million dollars to the Kentucky's General Fund. The Auditor's Office became aware of variations in the administration of the Flexible Spending Accounts during audits, requested by the Kentucky Board of Education, of the various Education Cooperatives throughout the Commonwealth.U2 takes over Late Night with Conan O'Brien tonight.
"In light of the budget crisis that has befallen state government, we need to ensure that every dollar that can be used for education and Medicaid can go to these necessary yet under funded programs. If we simplify, or even combine all management of our public employees' Flexible Spending Accounts, we can add $553,582 to Kentucky's budget," Auditor Luallen said.
All state and school district employees are offered a Flexible Spending Account as part of their employment. Each employee who waives the Commonwealth's insurance plan receives a $234 per month contribution to his or her Flexible Spending Account. Employees can also elect to contribute personal money via payroll deduction. The pretax deferments and contributions can be used for medical and childcare expenses. Money left over in the accounts at the end of each year, regardless of source, is forfeited to the General Fund for use as the General Assembly sees fit.
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