AnnuAl rEPort - Vermont Lottery

STATEMENTS OFCASH FLOWSfor the years ended june 30, 2008 and 2007 • Page 1 of 2VERMONT LOTTERY COMMISSIONANNUAL REPORTFISCAL YEAR 20082008 2007CASH FLOWS FROM OPERATING ACTIVITIES:Cash received from customers $ 101,874,682 $ 103,515,655Cash paid for prizes and agents’ commissions (70,459,082) (72,267,696)Cash paid for management fees, operations and other (7,665,577) (7,265,036)Cash paid to employees for services (1,264,060) (1,229,300)Other operating revenue 15,390 36,971Net cash provided by operating activities 22,501,353 22,790,594CASH FLOWS FROM NONCAPITALFINANCING ACTIVITIES:Operating transfers (22,856,438) (23,445,259)Net cash used in noncapital financing activities (22,856,438) (23,445,259)CASH FLOWS FROM CAPITAL ANDRELATED FINANCING ACTIVITIES:Acquisition of property and equipment, net - (19,339)Net cash used in capital andrelated financing activities - (19,339)CASH FLOWS FROM INVESTING ACTIVITIES:Investment income 397,199 184,215Proceeds from maturities of investments, net 245,072 366,516Net cash provided by investing activities 642,271 550,731NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 287,186 (123,273)CASH AND CASH EQUIVALENTS, beginning of year 2,263,502 2,386,775CASH AND CASH EQUIVALENTS, end of year $ 2,550,688 $ 2,263,50216The notes to financial statements are an integral part of these statements.