STATE OF MARYLAND

Combined Statement of Cash Flows

Enterprise Funds and Component Unit Proprietary Funds
for the year ended June 30,1999

(Expressed in Thousands)

			Total
	Primary	Component
	Government	Unit	Entity
	Enterprise	Proprietary	(Memorandum
	Funds	Funds	Only)
Cash flows from operating activities:
Operating income. .................................................................................................................................	$ 375,271	$ 6,399	$ 381,670
Adjustments to reconcile operating income to net cash provided (used) by
operating activities:
Depreciation and amortization ........................................................................................................	2,639	8,328	10,967
Loss on disposal of property, plant and equipment........................................................................	379		379
Effect of changes in assets and liabilities:
Other accounts receivable ..........................................................................................................	2,323	3,316	5,639
Due from other funds/primary government ..............................................................................	(11,799)	(32,022)	(43,821)
Inventories....................................................................................................................................	(775)		(775)
Loans and notes receivable ........................................................................................................	21,090		21,090
Other assets ................................................................................................................................	(21,312)	905	(20,407)
Accounts payable and accrued liabilities... .................................................................................	(3,550)	(11,330)	(14,880)
Due to other funds ......................................................................................................................	(2,250)	2,384	134
Accrued insurance on loan losses................................................................................................	1,830	(1,702)	128
Other liabilities............................................................................................................................	544	4,406	4,950
Deferred revenue ........................................................................................................................	529	(461)	68
Accrued self insurance costs........................................................................................................	7	32	39
Accrued annual leave ..................................................................................................................	587	35	622
Lottery installment payments..........................................................................................................	(60,463)		(60,463)
Future lottery prize installments ....................................................................................................	49,991		49,991
Net cash provided (used) by operating activities ..................................................................	355,041	(19,710)	335,331
Cash flows from non-capital financing activities:
Third party contributions ....................................................................................................................		5,445	5,445
Proceeds from sale of revenue bonds ..................................................................................................	473,978		473,978
Payment on revenue bonds ..................................................................................................................	(414,539)		(414,539)
Operating transfers in..........................................................................................................................	44,281		44,281
Operating transfers in from primary government............ ..................................................................		18,678	18,678
Operating transfers out........................................................................................................................	(417,106)		(417,106)
Operating transfers out to primary government................................................................................		(756)	(756)
Contributed capital ..............................................................................................................................	80,802		80,802
Grant recoveries....................................................................................................................................	735		735
Net cash provided (used) by non-capital financing activities ..............................................	(231,849)	23,367	(208,482)
Cash flows from capital and related financing activities:
Investments in direct financing leases ................................................................................................		3,670	3,670
Increase in interest in direct financing lease... ...................................................................................		(15,644)	(15,644)
Proceeds from notes payable and revenue bonds ..............................................................................	908	24,608	25,516
Principal paid on notes payable and revenue bonds ..........................................................................	(647)	(25,180)	(25,827)
Interest payments ................................................................................................................................	(65)	(22,768)	(22,833)
Acquisition and construction of property, plant and equipment.. ......................................................	(1,848)	(2,330)	(4,178)
Decrease in revenue bond debt service account..................................................................................		(201)	(201)
Proceeds from property, plant and equipment sales ..........................................................................		34	34
Net cash used by capital and related financing activities ....................................................	(1,652)	(37,811)	(39,463)
Cash flows from investing activities:
Proceeds from maturity and sale of investments ..............................................................................	662,518	17,422	679,940
Purchase of investments ......................................................................................................................	(785,269)	(20,153)	(805,422)
Interest and gains on investments ......................................................................................................	200	6,617	6,817
Increase in loans and notes receivable................................................................................................		(261)	(261)
Lease principal interest payments received... .....................................................................................		840	840
Net cash provided (used) by investing activities ..................................................................	(122,551)	4,465	(118,086)
Net decrease in cash and cash equivalents............................................................................	(1,011)	(29,689)	(30,700)
Cash and cash equivalents balance, July 1, 1998 ..................................................................................	191,732	33,940	225,672
Cash and cash equivalents balance, June 30, 1999................................................................................	$190,721	$4,251	$194,972

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

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