AnnuAl rEPort - Vermont Lottery

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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.
VERMONT LOTTERY COMMISSIONANNUAL REPORTFISCAL YEAR 2008STATEMENTS OFCASH FLOWSfor the years ended june 30, 2008 and 2007 • Page 2 of 2RECONCILIATION OF OPERATING INCOME TO NETCASH PROVIDED BY OPERATING ACTIVITIES:2008 2007Operating income $ 22,402,485 $ 23,336,039Adjustments to reconcile operating income to net cashprovided by operating activities -Depreciation 23,812 38,159(Increase) decrease in the following assets:Accounts receivable (136,701) (985,587)Inventory 37,568 33,352Due from the State (3,169) -Increase (decrease) in the following liabilities:Accounts payable (103,045) 364,645Accrued salaries and benefits 21,887 (2,202)Due to winners (388,756) (366,516)Reserve for future and unclaimed prizes 621,125 385,348Deferred revenue 26,147 (12,644)Total adjustments 98,868 (545,445)Net cash provided by operating activities $ 22,501,353 $ 22,790,594The notes to financial statements are an integral part of these statements.17
Page 1 and 2: Annual reportfiscal year 2008Profit
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AnnuAl rEPort - Vermont Lottery

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