TABLE 10.  Whole farm budget summary, De Baca, 2001.
------------------------------------------------------------------------
GROSS RETURNS
  ALFALFA HAY                  10.0  ACRES
    CROP                                       $4,500
    GRAZING                                      $100
  PERMANENT PASTURE            20.0  ACRES
    GRAZING                                    $2,400
                                0.0  ACRES
    CROP                                           $0
    GRAZING                                        $0
  GRASS HAY                     0.0  ACRES
    CROP                                           $0
    GRAZING                                        $0
     LIVESTOCK                                $14,576
     GROSS RETURN                                               $21,576
 
CASH OPERATING EXPENSES
     FORAGE                                    $2,500
     LIVESTOCK FEED                           $12,206
     SEED                                        $199
     FERTILIZER                                $1,097
     CHEMICALS                                   $129
     CROP INSURANCE                                $0
     OTHER PURCHASED INPUTS                      $154
     CANAL WATER                               $1,170
     FUEL, OIL & LUBRICANTS-EQUIPMENT             $43
     FUEL-IRRIGATION                               $0
     REPAIRS                                       $3
     CUSTOM CHARGES                                $0
     LAND TAXES                                   $18
     OTHER EXPENSES                            $3,771
                                                      _________
         TOTAL CASH EXPENSES                           $21,290
 
RETURN OVER CASH EXPENSES                                          $286
 
FIXED EXPENSES                                   $676
 
         TOTAL EXPENSES                                $21,965
 
NET FARM INCOME                                                   ($390)
 
LABOR AND MANAGEMENT COSTS                     $1,695
 
NET OPERATING PROFIT                                            ($2,084)
 
CAPITAL COSTS
     INTEREST ON OPERATING CAPITAL               $141
     INTEREST ON EQUIPMENT INVESTMENT             $98
                                                      _________
         TOTAL CAPITAL COSTS                              $238
 
RETURN TO LAND AND RISK                                         ($2,323)
                                                               =========
========================================================================
------------------------------------------------------
                              RETURN         RETURN ON
LAND VALUE                  TO RISK*         INVESTMENT**
------------------------------------------------------
  $1,000 /ACRE              ($3,523)            -6.41%
  $2,000 /ACRE              ($4,723)            -3.33%
  $3,000 /ACRE              ($5,923)            -2.25%
  $4,000 /ACRE              ($7,123)            -1.70%
  $5,000 /ACRE              ($8,323)            -1.37%
  $6,000 /ACRE              ($9,523)            -1.14%
  $7,000 /ACRE             ($10,723)            -0.98%
------------------------------------------------------
*  RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A
** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L