Submitted By: Todd Swanson
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Presentation By: Todd Swanson
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Department: Human Resources and Risk Management
FORMAL TITLE:
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Expenditures under the contract with Vestwell Holdings for Gradifi Solutions - Student Loan Reimbursement Program in an amount not to exceed $75,000 for Fiscal Year 2026-27
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OCALA’S RELEVANT STRATEGIC GOALS:
Engaged Workforce.
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Vestwell Holdings provides services through Gradifi Solutions to administer the City of Ocala’s Student Loan Reimbursement Program. The City contributes $100 monthly toward qualifying employees’ student loans. The program provides an employee benefit designed to assist with student loan debt and support employee recruitment and retention.
Participation in the program has increased in recent years. For Fiscal Year 2025-26, the City estimated program expenditures of $67,000. Based on continued participation, staff is requesting expenditure authority of up to $75,000 for Fiscal Year 2026-27.
The City’s Master Services Agreement with Gradifi provides for administration of education finance-related employee benefit programs and remains in effect while one or more Service Orders are active.
FINDINGS AND CONCLUSIONS:
Continued funding will allow the City to maintain the Student Loan Reimbursement Program for eligible employees during Fiscal Year 2026-27.
Staff recommends approval.
FISCAL IMPACT:
Expenditures under Vestwell Holdings/Gradifi Contract No. 26111 will not exceed $75,000 for Fiscal Year 2026-27. Funds are budgeted in the operating budgets of the respective departments. No budget amendment is required.
This expenditure is being made under the City’s existing agreement with Vestwell Holdings/Gradifi. The most recent payment under the agreement was $5,724 on June 10, 2026, for the May 2026 monthly Student Loan Reimbursement Program expenditure.
PROCUREMENT REVIEW:
These services were procured in compliance with the City’s procurement policy.
LEGAL REVIEW:
The underlying agreement has been reviewed and approved for form and legality by City Attorney, William E. Sexton.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny