Archives for October 2008

AUSTIN – City Hall’s sales tax revenue plummeted this month, reflecting a drop in August sales receipts at local businesses, according to information released Friday by Texas Comptroller Susan Combs

Clarendon’s sales tax allocation this month dropped 15.97 percent to $18,576.79. That’s down from $22,109.77 during the same time last year.

The city is still running ahead for the year-to-date by 1.19 percent for a total of $245,553.01.

Hedley’s rebate also fell, dropping 35.21 percent to $286.55. That city is down 1.43 percent for the year-to-date with $5,645.30.

Howardwick, however, was up 18.86 percent with an October allocation of $1,409.91 and is running 12.93 percent ahead for the year-to-date with $12,158.32.

Combs said the state took in $1.68 billion in sales tax in September, a 3.7 percent increase over September 2007.

“Growth in sales tax collections continued at a modest pace in the first month of fiscal 2009,” Combs said. “While growth remains positive overall, sectors such as construction, retail trade and restaurants are showing signs of slowing down.”

Combs sent $452.7 million in monthly sales tax payments to Texas cities, counties, transit systems and special purpose taxing districts, up 2 percent compared to last October.  So far in calendar year 2008, local sales tax allocations average 6.2 percent higher than last year.

Combs sent sales tax allocations of $305.1 million to Texas cities, 1.4 percent more than October 2007.  Calendar year-to-date, city sales tax allocations are up 5.4 percent.

September state sales tax collections and October allocations of local tax revenue represent sales that occurred in August and were reported to the Comptroller in September.

 The Comptroller’s next local sales tax allocation will be made on Friday, November 7.

COLLEGE STATION – Forget the instant news updates from the stock markets. Instead, find an older person to ask about surviving an economic crisis, suggests Texas AgriLife Extension Service personal money management expert Nancy Granovsky.

“I tell people to recall the stories of frugality you heard from your grandparents,” Granovsky said. “They have done a lot of belt tightening in their lives. They’ve gone through several down cycles. Find out the things they did to get through tough financial times.”

Granovsky said she worries about the panic-like reactions of people watching financial markets take a deep nose-dive, especially those who have never experienced a money crunch.

“There seems to be a lack of confidence right now, with many thinking that everything is going bad. I worry about people panicking and making the wrong decisions as a result,” she said. “I really believe people do not need to be looking at the financial markets on a minute-to-minute basis right now.”

She pointed to the long-term history of the major financial markets – Dow, NASDAQ and S&P500 – and noted that recovery always follows decline.

“It feels like such a huge drop because we saw record highs a year ago,” Granovsky said of the current financial market levels. “We may not know where the bottom will be yet, but there will be a recovery at some point.”

Many free finance-related publications are available at AgriLife Extension’s bookstore (http://agrilifebookstore.org) in the Family and Personal Money Management section. Granovsky also offered these tips to improve one’s personal situation:

Make a budget. “People need to do some old-fashioned budgeting,” Granovsky said. “Everyone should know their financial situation, how much is owed and how much is spent each month. We may not be able to control what is going on in the economy, but we can manage our own spending, pay our bills on time and set realistic priorities.”

She suggested this online publication: Managing Money in Tough Times (http://www.extension.org/pages/Financial_Security:_Managing_Money_in_Tough_Times).

Set aside money in an emergency fund. People need to have cash reserves, especially if credit card companies begin to lower one’s credit limit. “No matter how small the amount, putting some money aside will add up and come in handy in case of an emergency,” she said.

Be careful about making sudden changes in your investment portfolio. While we are experiencing “paper losses” now, selling a stock or mutual fund that has declined in value locks in a real loss, she explained.

“If you have a cash to invest in stocks or mutual funds, consider buying ‘low’ in anticipation of higher future values,” Granovsky suggested. “Stocks are on sale now; and when recovery begins, their value will increase.”

Take a walk or do some other physical activity to avoid listening to all the news about the markets.

“That may help avoid panic,” she said, “because physical activity relieves stress and makes us feel better.”

Hedley’s 57th annual Cotton Festival was a hit this year. Many visitors enjoyed the various activities and entertainment that took place last Friday and Saturday.

The Lioness Club started the festival with their Purrfect Chili and Stew Supper on Friday night. They served over 150 people bowls of chili and stew that was prepared by Louise Steward.

“We were very pleased by how many people we served,” Lioness Bonnie Walsh said. “We didn’t even have any chili left over.”

The Lioness Club also held a quilt giveaway, and Shauna Herbert won the quilt made by Billie Golden. Six hundred tickets were sold through this fundraiser.

Both the Tractor and Car Shows were held on Saturday morning. Best of show in the Tractor Show went to Blackie Johnson for his 1948 8-N Ford. Mary Ruth White won Best of Show in the Car Show with a 1965 Mustang.

Other winners of the Tractor Show included: P.J. White – first place of the 1930s with a 1939 Model B; Blackie Johnson – first place in the 1940s with a 1948 AC “G”; Blackie Johnson – second place with a 1943 J.D.LA; Blackie Johnson – first place in the 1950s with a Farmall Cub 1952; and there was a second place tie between Leon Ward with a Case 351 1958 and P.J. White with a AC Model “C” 1953.

Winners in the Car show also included: Grady Milton – first place in the 1930s with a 1930 Model A Ford; Grady Milton – first place in the 1940s with a 1946 Ford Coupe; Ken Carden – second place in the 1940s with a 1949 Hudson Commodore; Carl Carden – first place in the 1970s with a 1076 Lincoln Mark IV.

The Lions Club served about 200 plates of barbeque for lunch this year. They were assisted by Lions Sweetheart Shandy Koetting, and Katie Adams won the Bale of Cotton.

The Class of 1953 had a high school reunion during the Cotton Festival. Eight were present; Tippie Reeves/Jones of Amarillo, Mary Ruth Sargent of Hedley, Peggy Spear/Stevens of Tulia, Alma Ruth Holland/Smith of Riddle, Oregon, Johnny Brumley of Groom, Jack Quisenberry of Winoma, Jack Moreman of Clarendon and Jerry Jones of Eldorado. Joel Messer, Ag teacher for the Class of ’53, was also present. Friday night they ate chili at the Lioness Club together and then on Saturday they rode the Class of 1953 float. After the parade, they went to the schoolhouse for their reunion, and later on that night Mary Ruth Sargent hosted a hamburger supper for the reunited classmates. According to Mary Ruth, they all had a wonderful time getting reacquainted with each other.

The Parade was held Saturday afternoon with M.O. and Sue Weatherly as Parade Marshals, and winners were as follows:

Floats – First, Class of 1953; Second, Lioness Club; and Third, Lions Club Queen Float.

Cars: First, 1955 Chevy BelAir, driven by Raymond Sweeney; Second, 1956 T-Bird, driven by Nancy Sweeney; Third, 1949 Hudson, driven by Carl Carden.

Tractors: First went to Leon Ward with a Case 351. 

Other winners for the day included the raffle winners; Gail Hill for the Hedley Fire Department Auxiliary drawing for a Thomas Kinkade Print; Jennifer Sargent for the Junior Class 100 bales of hay; Ronny Hill for the FFA Trailer and Jessie Murdock for the Senior Citizens Quilt.

The USDA Natural Resources Conservation Service (NRCS) and the Donley County Soil and Water Conservation District invite the public and any agencies with an interest in conservation issues to participate in a Local Work Group meeting next Tuesday, October 14, to be held in the RFO Classroom in the Clarendon College Courson RFO Center at 2:00 pm.

The purpose of this meeting is to receive input from a broad range of local agencies, organizations, businesses, and individuals that have an interest in natural resource conditions and needs in Donley County.

Input received will allow the Local Work Group to make recommendations on resource concerns to be addressed, eligible practices, and ranking for county based funding.  These recommendations will be used in implementing the Environmental Quality Incentives Program (EQIP) and other conservation programs offered by NRCS.

The 2008 Farm Bill stipulates that conservation programs must continue to be locally led.  Through stake holder meetings, the public is given an opportunity to help local conservation leaders set program priorities.  These meetings are open to the public. 

For more information, call the USDA Service Center office in Clarendon at (806) 874-3561. Service center locations and program information can be found on the Texas NRCS Web site at www.tx.nrcs.usda.gov.

COLLEGE STATION – Farmers and ranchers are already feeling the effects of credit tightening across the country and need to take a hard look at their financial situation, said Texas AgriLife Extension Service economists.

Good planning is the key to finishing out the year heading into the next crop season as agricultural producers utilize sources of credit to purchase seed, livestock and supplies.

The following are some suggestions for producers:

Get more liquid.

“Make sure inputs generate sufficient income to justify the expense,” said Dr. Danny Klinefelter, AgriLife Extension economist. “Remember that maximum profit and maximum yield are not the same thing.”

Shoring up loans is another consideration, he said. This encompasses long-term loans such as land and real estate, intermediate loans that include equipment and short-term loans used for operating expenses.

 “Make sure you’ve got your debt structured correctly,” Klinefelter said. “You might even want to consider restructuring some of your current debt. It may be good insurance to convert some short-term debt to a fixed-rate loan amortized over five years, even if it’s at a higher rate.

“The objective is to improve your working capital position and to become more flexible. You don’t want to get caught with a lot of carryover operating debt for the next year.”

Farm Service Agency offers a guaranteed loan program. Borrowers who expect to face restricted credit may want to get ahead of the curve and start looking into this program before crunch time this winter, Klinefelter said.

Fixed-rate, long-term loans have virtually dried up since the cost of these funds for lenders is much higher and their ability to match-fund long-term debt may not even be possible in today’s financial markets, he said.

Operating capital is also going to become more expensive, said Dr. Carl Anderson, professor emeritus and AgriLife Extension economist.

“I see farmers and ranchers now paying 7.5 percent to 8 percent for operating loans,” Anderson said. “That’s going to really hurt when you go up 9 percent to 10 percent.”

It’s even more difficult during times of record fuel, fertilizer, and other inputs to make a crop or raise livestock, he said.

Now may not be the time to be making significant capital purchases.

“De-leveraging is another option to keep in mind,” Klinefelter said. “Right now, unless farmers really get a good deal, they don’t want to be going out and over-committing themselves.

“Also, if they aren’t on share rents, then try flex rents (adding flexibility to a cash rent basis) instead of cash rents,” he said. “Another alternative to a straight-cash rent would be to try and build in bonus and disaster clauses.”

Use options or buy puts as part of risk-protection strategy.

“This can be a helpful strategy to mitigate exposure to price risk, especially with the volatility we’ve seen this year in commodities,” Klinefelter said.

Evaluate your crop insurance program.

“Products that offer a revenue guarantee in case of lost production or falling prices are a vital component of a risk-management strategy in times of volatile prices and given the risky production environment we have in Texas,” said Dr. Mark Welch, AgriLife Extension grains economist.

Evaluate alternative business models.

Klinefelter said producers should consider joining forces and pooling together to gain access to expertise and economies of scale.

“Producers could form an LLC (limited liability company) or a closed cooperative to combine their buying power or to spread the cost of acquiring greater technical expertise or risk management.”

Have a complete and accurate set of financial statements ready before approaching a lender.

This can improve your ability to maintain access to credit and shorten the turnaround time on your request, economists said.

Overall, economists said, it’s more important now than ever for producers to make operations as efficient as possible.

M.O. and Sue Weatherly will be the parade marshals for the 57th annual Hedley Cotton Festival this Saturday, October 11, 2008. 

Activities for the festival begin Friday with the Hedley Lioness Club’s Chili and Stew Supper at 5 p.m. followed by a Hoot-N-Nanny at the Lions Den at 6 p.m.

Saturday’s activities begin with entertainment provided by Joe Davis of KLSR radio. The Lioness Quilt Show and the Tractor and Car Show both start at 10 a.m. A bake sale benefiting Rowe Cemetery will run all day.

Hedley Senior Citizens will serve hamburgers all day and sell tickets on a quilt. Other activities include Bingo at the Senior Citizens Center, a Chicken Drop, Face Painting, and lots of homemade ice cream.

The Lions Club will serve barbecue at 11:30 and sell chances on a bale of cotton.

The Kiddie Parade will begin at 1:30 p.m. followed by the Community Parade at 2 p.m. with Sue and M.O. leading the way.

The Weatherlies have been married for 62 years and have lived in Hedley all of that time. 

M.O. was the City Manager in Hedley for 35 years, from 1952 – 1987, and Justice of the Peace for 30 years from 1960-1990.  He was also in the Hedley Lions Club for several years and served as Treasurer. He was on the Hedley Volunteer Fire Department and served as Fire Chief, and he has been in the Hedley American Legion for 59 years and served as secretary.

Sue worked at the Hedley Security State Bank for 45 years, from 1954 – 1999, where she served as president for five years.  She made and worked on many floats for the Cotton Festival for almost 50 years. They were some of the prettiest floats in this area.  Sue has been manager of the Hedley Housing Authority from its beginning in 1980.  She was a member of the Hedley Sodalitas Club and also a charter member of the Hedley Lioness Club, where she served as treasurer for many years.

M.O. and Sue have always been great supporters of Hedley, and we want them to know that the community proud and honored to have them as fellow “Hedley Friends.”

Following the parade, the Hedley School Reunion will start at 3 p.m., and the Hedley Fire Department Auxiliary will sell brisket sandwiches at 4 p.m. at the Lions Den.