TABLE 11. Whole farm budget summary, Carlsbad Basin, Eddy County, 2001. ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 100 ACRES CROP $72,000 GRAZING $1,000 BARLEY 4 ACRES CROP $287 ASCS DEFICIENCY $36 ASCS DIVERSION $0 GRAZING $170 UPLAND COTTON 61 ACRES COTTON LINT $28,294 COTTON SEED $3,198 ASCS DEFICIENCY $1,928 ASCS DIVERSION $1,640 STRIPPER COTTON 0 ACRES COTTON LINT $0 COTTON SEED $0 ASCS DEFICIENCY $0 ASCS DIVERSION $0 SUDAN 10 ACRES GRAZING $900 RED CHILE 5 ACRES CROP $11,200 _________ GROSS RETURN $120,654 CASH OPERATING EXPENSES SEED $3,566 FERTILIZER $8,450 CHEMICALS $9,438 CROP INSURANCE $300 OTHER PURCHASED INPUTS $1,836 CANAL WATER $8,460 FUEL, OIL & LUBRICANTS-EQUIPMENT $5,093 FUEL-IRRIGATION $0 REPAIRS $1,451 CUSTOM CHARGES $22,596 LAND TAXES $331 OTHER EXPENSES $22,759 _________ TOTAL CASH EXPENSES $84,280 RETURN OVER CASH EXPENSES $36,374 FIXED EXPENSES $9,789 TOTAL EXPENSES $94,068 NET FARM INCOME $26,586 LABOR AND MANAGEMENT COSTS $19,835 NET OPERATING PROFIT $6,751 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $1,470 INTEREST ON EQUIPMENT INVESTMENT $6,364 _________ TOTAL CAPITAL COSTS $7,834 RETURN TO LAND AND RISK ($1,083) ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $750 /ACRE ($7,083) 2.93% $1,500 /ACRE ($13,083) 1.77% $2,250 /ACRE ($19,083) 1.27% $3,000 /ACRE ($25,083) 0.99% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L