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revenues from July 1977 to January 1978. Much of the change in cattle inventories can be attributed to dry conditions of pastureland. This loss was tagged at $33 million.
According to the Agriculture Department, the total cost of refurbishing damaged pastureland in Virginia was estimated at $63 million.
Virginia’s farm debt increased approximately $147 million as result of the 1977 drought. Monies to meet this increased debt were supplied by the Farmers Home Administration, the Agricultural Stabilizatidn and Conservation Service, the Small Business Administration and commercial lending institutes.
Federal land banks and production credit associations experienced payoffs that were attributable to low interest loans made available to farmers in drought affected areas. These payoffs amounted to about $14 million as of March 1978.
Farm supply firms also had higher than usual accounts receivable at harvest time and indications are that a number of such businesses continue to experience higher levels of unpaid bills.
In overview, moderate declines were experienced in production values at the farm level in 1977 as a result of the drought, as well as increases in input costs. Thus, the impact of the drought to Virginia’s farmers was such that it contributed to overall declines in their net cash receipts—the lowest in ten years.
88.6%