Table 4. Farm balance sheet for Massachusetts in millions of dollars. Data 

 were derived from Economic Indicators of the Farm Sector - Financial 

 Sum.mary, 1991 , U.S. Department of Agriculture, Economic Research Service, 

 ECIFS 11-2, March, 1993. 



Item 



1990 



1991 



Assets 



Real estate 



Livestock and poultry' 

 Machinery and motor vehicles'' 

 Crops (inventory) 

 Purchased inputs 

 Financial 



Debt 



Real estate 

 Nonreal estate' 



Debt/asset ratio 



8.4 



8.7 



Excludes horses, mules, and broilers. 



Includes only the farm share for trucks and autos. 



Excludes debt for non-farm purposes. 



net farm income for Massachusetts is $20,841, while 

 the U.S. average is $17,950. Of greatest significance 

 is the fact that net farm income per acre in Massa- 

 chusetts averages $208, nearly 5.5 times the U.S. 

 average per acre of $38. 



Massachusetts farmers control assets of $3.4 

 billion, with a debt load of under $300 million (Table 

 4). This debt-to-asset ratio is among the ten lowest 

 in the nation and is less than half the national 



average. Massachusetts farmers per year purchase 

 $160 million worth of farm inputs, pay local property 

 taxes of $22 million, employ a hired labor force with 

 a payroll of $77 million, and pay $24 million in 

 interest to Massachusetts financial institutions and 

 other lenders (Table 5). 



Finally, Massachusetts farmers provide Massa- 

 chusetts consumers with food that is locally grown, 

 fresh, wholesome, and reasonably priced. 



14 



Fruit Notes, Summer, 1993 



