LOUISVILLE, Ky. – The Beef Promotion Operating Committee recommended a $50.5 million beef checkoff budget for fiscal year 2004, including $700,000 in unallocated funds that will be earmarked based on any proposals that might be submitted between now and the committee’s meeting in September.
The budget recommendation reflects an increase of about 4.3 percent from the $48.4 million budget for fiscal 2003 – not because checkoff revenue increased but for a combination of other reasons.
Reasons for increase. These reasons include:
* Revenue is expected to exceed the original projection for the current fiscal year.
* The cost of some projects this year were completed for less than was approved for expenditure.
* The beef board will not spend all of its administrative budget in fiscal 2003.
Dollars breakdown. The breakdown of the budget recommendation, which must be approved by the full beef board and USDA before any funds are expended, includes the following budget elements:
* promotion ($26.5 million);
* research ($6.1 million);
* consumer information ($5.8 million);
* industry information ($1.5 million);
* foreign marketing ($5.2 million);
* producer communications ($1.9 million);
* unallocated program funding ($700,000);
* evaluation ($210,000);
* program development ($110,000);
* USDA oversight ($230,000); and
* administration ($2.25 million).
The 2004 fiscal year begins Oct. 1.
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