AnnuAl rEPort - Vermont Lottery

STATEMENTS OFNET ASSETSJune 30, 2008 and 2007VERMONT LOTTERY COMMISSIONANNUAL REPORTFISCAL YEAR 2008ASSETS 2008 2007Current assets:Cash and cash equivalents (Note 2) $ 2,550,688 $ 2,263,502Accounts receivable (Note 5) 1,629,558 1,492,856Due from the State Education Fund 23,513 -Due from the State General Fund 3,169 -Inventory (Note 6) 351,925 389,493Total current assets 4,558,853 4,145,851Restricted and noncurrent assets:Investments (Note 4) 2,345,849 2,663,068Property and equipment,less accumulated depreciation (Note 7) 67,202 91,014Total restricted and noncurrent assets 2,413,051 2,754,082Total assets $ 6,971,904 $ 6,899,933LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:Accounts payable (Note 8) $ 524,556 $ 627,601Accrued leave 79,508 72,118Accrued payroll 79,571 65,074Due to the State Education Fund - 115,543Current - Due to winners (Note 9) 487,209 483,334Reserve for future and unclaimed prizes (Note 10) 3,040,848 2,419,723Deferred revenue (Note 11) 182,445 156,298Total current liabilities 4,394,137 3,939,691Liabilities payable from restricted assets:Non-current - Due to winners (Note 9) 1,686,831 2,079,462Cash advances by State Treasurer 300,000 300,000Total long-term liabilities 1,986,831 2,379,462Total liabilities 6,380,968 6,319,153NET ASSETS:Invested in capital assets 67,202 91,014Unrestricted (Note 12) 523,734 489,766Total net assets 590,936 580,780Total liabilities and net assets $ 6,971,904 $ 6,899,93314The notes to financial statements are an integral part of these statements.