Funds spent with FinTech.net are utilized to acquire liquor that is used for retail sales at Allen Event Center and The Courses at Watters Creek. The funds flow through FinTech.net for tax related purposes and have historically been associated with vendors such as Ben E. Keith, Goody Goody, Glazer, Republic National and Andrews Distributing, but may include alternate vendors based on price and product. FinTech.net assists in the management and legal payment requirement of purchasing and payment timelines for alcohol related to retail sale. 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. A Cost of Goods Report and F&B Prime Cost are compiled monthly for review. Revenues received from Food and Beverage cover expenses paid.

The Projected General Fund Expense of $218,154 contributes to the overall projected alcoholic Beverage revenue of $871,436 at Allen Event Center and The Courses at Watters Creek in a Twelve (12) month period. Revenues received from alcoholic Beverage sales cover expenses paid. Expenses and Revenue are budgeted for and approved by the Allen City Council in the FY 2019 Adopted Budget.

Staff recommends authorizing the City Manager to approve annual beverage purchases through FinTech.net used for retail sale at Allen Event Center and The Courses at Watters Creek in the amount of $218,154.

I make a motion to authorize the City Manager to approve annual beverage purchases through FinTech.net used for retail sale at Allen Event Center and The Courses at Watters Creek in the amount of $218,154.