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<br />T."'- <br />N <br />C <br />_. <br /> <br />C Findings <br /> <br />Direct agricultural benefits attributable to project irrigation water are <br />calculated on the basis of farm budgets. For analytical purposes, livestock <br />and associated incomes are omitted. This approach eliminates an income and <br />benefit problem related to processing feed through livestock and allocating <br />returns to the appropriate resources. Operator and family labor and management <br />are evaluated in the same manner as other resources. <br /> <br />The residual approach is used to estimate direct agricultural benefits from <br />project water. The total income is allocated among the various claimants, <br />with water being the last claimant in terms of a return. <br /> <br />Based upon the above procedure the weighted average net direct agricultural <br />benefits for the Smith Fork project, consisting of 8,240 acres, amount to <br />$8.67 per acre or a total of about $71,400 annually. <br /> <br />- 44 - <br />