Extension to host informational meeting to help farmers in glum economy
Frontier Extension District and Shawnee County Extension District are co-hosting an educational meeting on Jan. 19, 2017, to help farmers and ranchers make it through rough financial times.
Farmers and ranchers are currently experiencing one of the biggest downturns in history with many parallels to the 1980s. Kansas Farm Management Association farms recorded a substantial drop in accrual net farm income for 2015, with the average net income at $4,568, down more than 95 percent from the net income level of $128,731 in 2014 and down from a five-year average of nearly $120,000. Commodity outlooks remain pessimistic, indicating tight financial conditions for farmers into the future.
The educational meeting will be at the Shawnee County Farm Bureau Office, 3801 SW Wanamaker Rd., Topeka. The meeting topic is “Top 10 Considerations to Navigate a Struggling Farm Economy”. Registration will begin at 8:30 a.m. Jan. 19, and the meeting will start promptly at 9 a.m. and last until 3:30 p.m.
This program will focus on a host of topics to start thinking critically about how the farm operation might withstand hard times. Each topic will provide the decision framework for evaluating viable options or opportunities to become more efficient and to strengthen the farm business.
Topics for the day include: Maintaining Working Capital; Restructuring Debt; How Long Can I Afford to Lose Money on Rented Ground?; Opportunities to Save on Cost of Production; Getting Creative with Enterprise Diversification; Managing Machinery Expense; Safety Nets (Marketing, Insurance, Government Payments); Income Tax Management; Is it Time to Retire? What about the Next Generation?; and Family Living Expenses.
Anyone interested in attending is asked to call to reserve a spot as soon as possible as space is limited. Please RSVP to Shawnee County Extension office at 785-232-0062 or firstname.lastname@example.org, or by calling Rod Schaub, Frontier Extension District, Lyndon, at 785-828-4438.
Information thanks to Rod Schaub, Frontier Extension District.