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 contracted obligation with any vendors so the City may purchase the most competitive product. Purchases are made on an as-needed basis.  A Cost of Goods Report and Food and Beverage Prime Cost are compiled monthly for review. Revenues received from Food and Beverage cover expenses paid.

The projected General Fund expense of $195,800 contributes to the overall projected alcoholic beverage revenue of $950,500 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 2021 Adopted Budget.

Authorize the City Manager to approve beverage purchases through FinTech.net for retail sale at Allen Event Center and The Courses at Watters Creek in the amount of $195,800.

I make a motion to authorize the City Manager to approve beverage purchases through FinTech.net for retail sale at Allen Event Center and The Courses at Watters Creek in the amount of $195,800.