Here at Navajo Council chamber. Resources & Development Committee has started hearing report on ANNUAL 2013 financial Audit of Navajo Agricultural Products Industry by NAPI chief financial officer Darryl Multine.
RDC CHAIRPERSON KATHERINE BENALLY
I think we have special work session on Bond financing on Friday, 9-27-13, and Special Council session on Bond financing on Monday, 9-30-13.
NAPI CHIEF FINANCIAL OFFICER DARRYL MULTINE
exceeded liabilities by $112.6 million
total assets $133.8 m.
most significant current asset is cash and cash equivalents of $22.4 m.
Current assets of $44.3 m sufficient to cover current liabilities of $15.4 m.
total liabilities $21.3 m.
Long term note payable to Wells Fargo Bank $7.5 m.
Federal funding $7.9 m in 2013and $7 m. 2012. Increase of about $888,000 was additional funding for Navajo Indian Irrigation Project.
Multine is reviewing detailed graphs of summary of financial position of NAPI.
The following is revenues generated from crops
38 percent of crop is Alfalfa
Corn, 32 percent
Beans 11 percent
Potatoes 10 percent
? – Multine flipped thru power point and I didn’t get this crop.
DELEGATE LEONARD TSOSIE
How much is un-developed? Where is NAPI at in reaching full capacity? I’m a little distrustful of audit reports cuz they don’t present full picture. We have talked about possible expansion of NAPI. Has Board considered that? Or have that flopped it off, saying that’s just Council speaking? But it was a respectful question. Know no alfalfa field in Arizona. And there being no report that yes, we gave thot and these are obstacles and cost so can’t do or can do if do like this. Haven’t seen that. Also Navajo pple, look at letters to editor, they want to see.
I traveled thru Leupp and Birdsprings, western part of rez, Little Colorado River flowing thru, and I thot this wud be great farm land if throw little dirt into arroyo to get water out.
Especially since reporting profitable, how do we expand?
Recently, Navajo person said NAPI not selling hay anymore and hay prices went up. NAPI not flooding market anymore. But does NAPI offer reasonable prices to Navajo pple, instead of “jacking it up.”
HOw is NAPI flour doing? Hear Blue Bird buying NAPI corn and then seliing as Blue Bird flour.
But my main concern is water? Also electricity from WAPA? How much is that cutting into profits?
NAPI ALPHONSO NEPHEW
our profit follows commodity prices. underveloped land: right now going thru feasibility study of sorts, University of Az professors looking at how much losing thru undeveloped land. Congress has not fully funded NAPI and NIIP, as they agreed. Study: HOw much unrealized revenue.
Concentration is on current products. even through did good job maximizing profits so for us to rely just on profits, we are looking at value added and where flour mill comes in to add little more income from crops grow. right now concentrating on flour mill and want to profit by milling and producing other products. Blue Bird used NAPI product but since milling, then keeping our product and they are looking for other wheat.
Hay: we sell to daily farms, other area ranchers, Navajo ranchers. so again, we’re affected by market prices and in effort to straddle line and offer profit to Navajo pple, we try to lower prices but keep hold in whole sale market. As a board/management, yes we see owners as Navajo pple and Council as agents of Navajo pple.
Yes expansion is continually on our minds to help Navajo pple.
Have mill completed and now doing market concentration. Blue Bird has huge market and we are chipping away at that but going outside, to east and west, and we are branding. For awhile we had Navajo Pride on SWIFT semi trucks. main thing is getting product out there and get pple see Navajo Pride.