Funds spent with FinTech.net have historically been associated with vendors such as Andrews Distributing, Ben E. Keith, Goody Goody, Glazer, and Republic National but may include alternate vendors based on price and product. FinTech.net assists in the management and legal payment requirements and timelines related to alcohol sales for both Allen Event Center and The Courses at Watters Creek. These purchases are made based on retail sale volume by product and have no contracted obligation with any vendors so the City may purchase the most competitive product when needed. A Cost of Goods Report and F&B Prime Cost Report are compiled monthly for review. Revenues received from Food and Beverage sales cover expenses paid.

State law prohibits the use of a single proprietary alcohol distributor. Utilizing FinTech.net enables access to multiple distributors with a variety of product.

The Projected General Fund Expense of $212,021 contributes to the overall projected Food & Beverage revenue of $1,087,499 in a Twelve (12) month period. Revenues received from alcoholic beverage sales cover expenses paid. Expenses and Revenues are budgeted for and approved by the Allen City Council in the FY 2018 Adopted Budget.

Staff recommends that City Council authorize the City Manager to approve annual Beverage purchases through FinTech.net for items used for retail sale at Allen Event Center and The Courses at Watters Creek in an estimated annual amount of $212,021.

I make a motion authorize the City Manager to approve annual Beverage purchases through FinTech.net for items used for retail sale at Allen Event Center and The Courses at Watters Creek in an estimated annual amount of $212,021.