Year ended December 31, 2017, with comparative information for 2016 Operations Fund Insurance Program Fund Total 2017 2016 2017 2016 2017 2016 $ $ $ $ $ $ Cash flows from operating activities: Registration fee receipts 16,411,097 14,843,010 - - 16,411,097 14,843,010 Application review fee receipts 1,864,020 - - - 1,864,020 - Education receipts 4,295,328 3,368,390 - - 4,295,328 3,368,390 Insurance premium fees receipts - - 29,387,642 28,941,659 29,387,642 28,941,659 Insurance program stability fees receipts - - 1,312,791 953,343 1,312,791 953,343 Insurance administration fees receipts - - 1,417,959 1,151,448 1,417,959 1,151,448 Other receipts 1,429,841 1,411,284 159,737 120,774 1,589,578 1,532,058 Insurance premiums paid - - (29,627,795) (28,667,149) (29,627,795) (28,667,149) Cash paid to suppliers and employees (18,824,129) (17,083,942) (1,136,869) (1,105,862) (19,960,998) (18,189,804) 5,176,157 2,538,742 1,513,465 1,394,213 6,689,622 3,932,955 Cash flows from investing activities: Interest received 269,743 250,098 317,038 306,925 586,781 557,023 Purchase of capital assets (1,178,648) (234,501) - - (1,178,648) (234,501) Purchase of intangible assets (54,803) (1,014,169) - - (54,803) (1,014,169) (963,708) (998,572) 317,038 306,925 (646,670) (691,647) Cash flows from financing activities: Capital equipment lease payments (13,841) (12,551) - - (13,841) (12,551) Net increase in cash and cash equivalents 4,198,608 1,527,619 1,830,503 1,701,138 6,029,111 3,228,757 Cash and cash equivalents, beginning of year 22,901,543 21,373,924 22,149,707 20,448,569 45,051,250 41,822,493 Cash and cash equivalents, end of year 27,100,151 22,901,543 23,980,210 22,149,707 51,080,361 45,051,250 Cash and cash equivalents is represented by: Cash 1,292,163 1,917,901 564,987 1,436,722 1,857,150 3,354,623 Short-term investments 25,807,988 20,983,642 23,415,223 20,712,985 49,223,211 41,696,627 27,100,151 22,901,543 23,980,210 22,149,707 51,080,361 45,051,250 See accompanying notes to financial statements. Real Estate Council of Ontario Statement of Cash Flows 56/ RECO 2017 ANNUAL REPORT/INDEPENDENT AUDITORS' REPORT