STATE OF MARYLAND

Combined Statement of Cash Flows

Enterprise Funds
for the year ended June 30,1990

(Expressed in Thousands)

Cash flows from operating activities:
Operating income .........................................................................		$430,642
Adjustments to reconcile operating income to net cash provided by (used in) operating activities:
Depreciation and amortization .............................................................	$ 5,446
Changes in assets and liabilities:
Decrease (increase) in assets:
Intergovernmental receivable ..........................................................	8,508
Other accounts receivable .............................................................	(8,674)
Due from other funds .................................................................	(1,645)
Inventories .........................................................................	(680)
Loans and notes receivable ............................................................	(143,161)
Other assets .........................................................................	(5,777)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities ..................................................	5,694
Due to other funds ...................................................................	39,987
Accrued insurance and loan losses .......................................................	(41,013)
Other liabilities ......................................................................	12,401
Deferred revenue ....................................................................	(6,682)
Liabilities payable from restricted assets .................................................	(2,737)
Accrued retirement costs ..............................................................	2,968
Accrued workers' compensation costs ...................................................	667
Other, net ..........................................................................	(418)
Total adjustments ..................................................................		(135,116)
Net cash provided by operating activities .................................................		295,526
Cash flows from noncapital financing activities:
Increase in lottery prizes, net ................................................................	39,428
Proceeds from sale of revenue bonds .........................................................	318,204
Principal paid on revenue bonds .............................................................	(84,493)
Operating grants received ..................................................................	43,717
Operating transfers, net ....................................................................	(212,865)
Net cash provided by noncapital financing activities ........................................		103,991
Cash flows from capital and related financing activities:
Proceeds from sale of revenue bonds .........................................................	202,060
Principal paid on notes payable and revenue bonds ..............................................	(48,168)
Decrease in loans from other funds ...........................................................	(359)
Interest payments .........................................................................	(21,167)
Contributed capital ........................................................................	13,340
Acquisition and construction of property, plant and equipment ....................................	(58,650)
Proceeds from sale of property, plant and equipment ............................................	1,193
Increase in restricted assets .................................................................	(162,182)
Net cash used for capital and related financing activities ....................................		(73,933)
Cash flows from investing activities:
Purchase of investments ...................................................................	(6,149,810)
Proceeds from maturity and sale of investments ................................................	6,077,667
Interest and gains on investments ............................................................	11,679
Increase in deposits, net ....................................................................	(162,119)
Other, net ...............................................................................	3,707
Net cash used in investing activities .....................................................		(218,876)
Net increase in cash and short-term investments ...........................................		106,708
Unrestricted cash and short-term investments balance, July 1, 1989 .................................		571,626
Unrestricted cash and short-term investments balance, June 30. 1990 ................................		$678,334

The accompanying notes to general purpose financial statements are an integral part of these financial statements.

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