the purchase of a two ton truck to transport fish from the raceways 

 to the Cooperative. Operating capital is included for all three 

 years, although years two and three will probably not require the 

 amounts projected, depending on cash flows, loan repayments, and 

 funds retained in the cooperative operation. Third year budget 

 includes additional freezer space with the purchase of a freezer. 



Several final notes are that revenue was assumed to be from 

 frozen, boxed fish; if fresh fish are sold, then the cost and 

 revenue schedules will have to be adjusted accordingly. The 

 deposition of projects will be decided by the Board of Directors 

 in the respective time periods of consideration. Expenses were 

 adjusted by 10% in year three, except for the price paid for 

 fresh fish which went from 70^ per pound to 75^ per pound (7.1%). 

 Also, the income from boned/frozen fish was increased from $1.75 

 per pound in 1977 to $1.80 per pound in 1978 to Ta . 85 per pound 

 in 1979. 



The first year is projected to have a loss of slightly over 

 $2,000, due to setting up of the operation and low volume. The 

 second and third years show net income of $31,985.86 and ?547,f!40.14 

 respectively, following full operation of the Cooperative. 



