An In-Service Training entitled “Intermediate/Advanced Budgeting for Agriculture and Horticulture Enterprises in Florida” will be offered on April 5, 2018, 9am-4pm, via distance education (webinar). Email Alan Hodges at awhodges@ufl.edu and ask to register for IST (In-Service Training) #31487.
Purpose and Objectives: Budgeting is an important business management technique to estimate costs of production per unit or unit area. Budgets are used by producers to plan production schedules and input purchase requirements, evaluate alternative production practices, assess business risks, determine enterprise mix and product pricing. Budgets are often required by lenders as part of a loan application, and are used by policy makers to understand the impact of various policy choices. UF-IFAS extension personnel and Florida agricultural producers often have only a rudimentary understanding of budgeting. Ideally, budgeting should be done well in advance of any actual production activities. Training on this topic will enable IFAS Extension personnel to better advise commercial clients to more effectively budget for their enterprises, to realize cost control and greater profitability.
Program Description: the training will cover principles of budgeting such as variable vs. fixed costs, whole farm vs. individual enterprises, determining input quantities and unit costs, allocating overhead costs, evaluating cost sensitivity, and calculating a break-even price. Advanced techniques such as stochastic simulation using Simitar software will be covered. Sources for budget information from UF-IFAS and other Land Grant Universities will be reviewed. The training will feature exercises and case studies of budgets for various types of annual and perennial crops and livestock enterprises in Florida. Worksheets and interactive
