The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to burchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. CITY OF WRIGHTVILLE Risk Management Internal Service Fund Statement of Cash Flows For the Year Ended June 30, 2024 Cash flows from operating activities: Cash received from other departments Cash paid for suppliers and employees. Cash paid on insurance claims Transfer from General Fund Investment income received Interest paid on long-term debt Cash flows from operating activities Cash flows from investing activities: Acquisition of property, plant, and equipment Purchase of investments Sale of property, plant, and equipment Cash flows from investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Payments on long-term debt Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents, July 1, 2023 Cash and cash equivalents, June 30, 2024 CITY OF WRIGHTVILLE RISK MANAGEMENT INTERNAL SERVICE FUND Statement of Cash Flows For the Year Ended June 30, 2024 Cash Flows From Operating Activities: Cash Received from Other Departments Cash Paid for Claims Cash Paid for Supplies and Employees Cash Flows From Noncapital Financing Activities: Transfer In from General Fund Required Prepare a statement of cash flows using the appropriate format as required by GASB. You do not need to prepare the reconciliation of operating income to cash flow from operations. Note: Amounts to be deducted should be indicated by a minus sign. Cash Flows From Capital Related Financing Activities: Proceeds from Long-term Debt Payments on Long-term Debt Principal Payments on Long-Term Debt Interest Cash Received on Sale of Capital Assets Cash Flows From Investing Activities: Collection of Investment Income Purchase of Investment $ 876,000 (111,000) (700,000) 250,000 7,500 (12,000) 310,500 Net Cash Used for Investing Activities Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2023 Cash and Cash Equivalents, June 30, 2024 275,000 182,500 118,000 $ 300,500 $ (275,000) (170,000) 42,000 (403,000) $ 300,000 (25,000) $ 0 0 0 0 0 0