Table 7. Implications of the 1996 Farm Bill and the November 1997 FAPRI Baseline on
the Economic Viability of Representative Farms Primarily Producing Cotton
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                    CAC2000   CAC6000   TXSP1682  TXSP3697  TXRP2065  TXBL1200  TXCB1700
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Change in Real Net Worth
(%) Over 1997-2002    27.51     32.90     24.09     57.52      3.09      1.09    -15.27

Govt Payments/Receipts (%)
  1997-2002            5.33      3.88      7.30      6.45     12.87      7.63      9.29

Cost to Receipts Ratio (%)
  1997-2002           80.53     79.61     76.61     75.92     87.80     83.33     95.68

Total Cash Receipts ($1000)
             1996   1895.44   5383.77    295.61    966.48    233.39    246.32    421.04
             1997   1918.50   5443.90    302.68    979.67    235.50    266.52    443.21
             1998   1863.99   5362.10    295.00    954.21    231.03    265.73    422.99
             1999   1868.79   5413.82    299.49    972.66    233.97    266.91    422.85
             2000   1887.80   5495.69    298.15    970.72    236.67    270.60    426.89
             2001   1914.60   5604.10    301.09    979.56    236.48    252.35    427.02
             2002   1942.09   5624.95    304.26    994.81    240.38    255.99    435.79
1997-2002 Average   1899.30   5490.76    300.11    975.27    235.67    263.02    429.79

Contract Payments ($1000)
             1996     90.92    171.70     18.58     51.99     25.05     16.58     32.58
             1997     94.67    182.23     19.16     53.62     26.54     17.36     33.33
             1998    101.40    196.59     20.40     57.10     28.26     20.49     39.04
             1999     97.91    189.97     19.69     55.10     27.30     19.73     37.45
             2000     89.56    173.49     18.03     50.44     24.93     18.10     34.44
             2001     72.60    140.55     14.62     40.90     20.19     14.68     27.93
             2002     70.39    136.41     14.17     39.64     19.61     14.20     27.03
1997-2002 Average     87.75    169.87     17.68     49.47     24.47     17.43     33.21

Net Cash Farm Income ($1000)
             1996    383.80   1144.64     83.62    270.08     57.09     47.79     54.02
             1997    417.11   1174.01     89.33    275.69     58.15     53.48     48.25
             1998    382.27   1136.07     83.13    256.06     53.74     51.81     53.05
             1999    377.05   1172.49     88.36    273.50     52.53     49.42     43.51
             2000    378.62   1186.11     84.88    263.91     53.60     52.51     41.94
             2001    368.33   1204.34     80.00    261.37     50.24     43.83     31.14
             2002    374.71   1137.90     80.92    267.96     43.77     46.73     28.83
1997-2002 Average    383.01   1168.49     84.44    266.41     52.00     49.63     41.12

Ending Cash Reserves ($1000)
             1996    163.08    518.57     28.78    122.05     15.22     12.16     10.20
             1997    311.25    987.86     42.26    217.79     21.52     21.31      5.98
             1998    430.08   1405.30     54.77    270.24     17.94     25.22      3.98
             1999    534.13   1783.83     63.50    316.56      0.40     21.23    -12.03
             2000    660.43   2199.13     77.65    351.31     -0.47     14.20    -33.03
             2001    757.01   2625.19     80.58    394.19     -5.42     -4.50    -67.68
             2002    864.43   2971.67     85.90    452.71    -25.30    -10.59    -97.26
1997-2002 Average    592.89   1995.50     67.44    333.80      1.44     11.15    -33.34

Total Debt ($1000)
             1996    780.27   2614.13    108.05    236.44     86.29     92.04     95.68
             1997    766.58   2531.22    130.34    342.41    101.18     88.20    122.99
             1998    704.78   2422.57    133.46    385.96    101.93     80.59    131.01
             1999    632.66   2386.44    107.05    332.12    130.96    128.11    197.87
             2000    662.77   2475.60    118.54    362.19    126.21    113.07    199.14
             2001    767.84   2436.20    149.84    304.16    126.26    107.78    228.07
             2002    672.48   2434.01    122.66    228.44    204.58    113.70    246.51
1997-2002 Average    701.19   2447.67    126.98    325.88    131.85    105.24    187.60

Nominal Net Worth ($1000)
             1996   3478.55  11591.99    504.56    928.22    340.35    432.59    416.13
             1997   3835.77  12878.78    555.23   1067.36    365.66    460.02    427.97
             1998   4147.88  14025.28    596.62   1189.62    382.27    478.53    441.11
             1999   4489.16  15313.98    643.61   1329.70    397.48    494.33    445.84
             2000   4753.93  16330.38    678.43   1436.46    411.19    511.52    445.10
             2001   4981.12  17295.43    704.11   1565.97    421.39    512.94    431.28
             2002   5186.29  18013.53    732.10   1709.71    410.26    511.32    412.28
1997-2002 Average   4565.69  15642.90    651.68   1383.14    398.04    494.78    433.93

Net Income Adjustment (NIA)
($1,000) Over 1997  -261.24   -964.83    -28.86   -123.77     -1.92     -0.03     13.48

Net Income Adjustment (NIA)
(% of recpts) 1997   -13.75    -17.57     -9.71    -12.69     -0.82     -0.01      3.14
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