Funds spent with FinTech.net 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 for both Allen Event Center and Courses at Watters Creek. These purchases are made based on retail sale volume by product and have no contractual 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 $215,565 contributes to the overall projected alcoholic Beverage revenue of $946,900 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 2020 Adopted Budget.

Staff recommends that the City Council authorize the City Manager to execute the purchase of beverage products through FinTech.net for retail sale at Allen Event Center and The Courses at Watters Creek for the amount of $215,565.

I make a motion to authorize the City Manager to execute the purchase of beverage products through FinTech.net for retail sale at Allen Event Center and The Courses at Watters Creek for the amount of $215,565.