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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | | AGENDA DATE: | October 12, 2021 |
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| | | | | | | | | SUBJECT: | Authorize the City Manager to Approve Annual Alcoholic Beverage Purchases Through FinTech.net for Parks and Recreation for Retail Sale at Allen Event Center and The Courses at Watters Creek in the Amount of $206,312. |
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| | | | | | | | | STAFF RESOURCE: | Kate Meacham, Director, Parks and Recreation
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| | | | | | | | | PREVIOUS COUNCIL ACTION: | Funding approved with adoption of FY22 Budget. |
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| | | | | | | | | ACTION PROPOSED: | Authorize the City Manager to Approve Annual Alcoholic Beverage Purchases Through FinTech.net for Parks and Recreation for Retail Sale at Allen Event Center and The Courses at Watters Creek in the Amount of $206,312. |
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| | | | | | | | BACKGROUND
Fintech Alcohol Management (Fintech.net) is a payment processing service used by Allen Event Center and The Courses at Watters Creek for all alcohol purchases.
State Law requires payment for alcohol at time of delivery. With our agreement with Fintech, alcohol vendors are able to deliver alcohol to both the Allen Event Center and The Courses at Watters Creek and through Fintech immediately receive payment for their deliveries.
Fintech.net has been the sole payment processor for the City's alcohol payments and has not experienced any issues. If audited by the Texas Alcoholic Beverage Commission (TABC) we must produce evidence of payments at time of delivery, which Fintech is able to do.
After payment is made by Fintech to the alcohol vendor, the City then issues payment to Fintech.
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| | | | | | | | BUDGETARY IMPACT
The Projected General Fund Expense of $206,312 contributes to the overall projected alcohol beverage revenue of $935,575 within a twelve (12) month period. The purchase expense is recovered through alcoholic beverage resale at both facilities. Revenue and expenses are budgeted for and approved in the FY22 Budget.
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| | | | | | | | STAFF RECOMMENDATION
Staff recommends that City Council Authorize the City Manager to Approve Annual Alcoholic Beverage Purchases Through FinTech.net for Parks and Recreation for Retail Sale at Allen Event Center and The Courses at Watters Creek in the Amount of $206,312.
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| | | | | | | | MOTION
I make a motion Authorizing the City Manager to Approve Annual Alcoholic Beverage Purchases Through FinTech.net for Parks and Recreation for Retail Sale at Allen Event Center and The Courses at Watters Creek in the Amount of $206,312.
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