Top 10 Considerations to Navigate a Struggling Farm Economy: Colby
February 8, 2017 @ 7:30 am - 3:00 pm CST
Farmers and ranchers are currently experiencing one of the biggest downturns in history with many parallels to the 1980’s. 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% 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.
This program will focus on a host of different topics to start thinking critically about how the farm operation might withstand these hard times. Each topic will provide the decision framework of how to evaluate what viable options or opportunities exist to become more efficient and to strengthen the farm business. K-State Research and Extension specialists and agents are here to help! Feel free to contact your local extension office or the Agricultural Economics Department for more information and assistance.
8:30 AM Registration
9:00 AM Overview of the Farm Financial Situation
9:45 AM Cost of Production-Crops & Livestock
10:30 AM Break
– Maintaining Working Capital and Restructuring Debt
– Utilizing FSA Loan Programs
– How Long Can I Afford to Lose Money on Rented Ground?
12:00 PM Lunch
– Managing Machinery Expenses
– Farm Safety Nets
– Income Tax Management
2:30 PM Break
– Is it Time to Retire? What About the Next Generation?
– Family Living Expenses
3:45 PM Wrap-up: K-State Resources for Assistance
4:00 PM Adjourn
**Please register with the respective location 8 days prior to the meeting date. Registration fee will vary by location.