COTTON BOARD CONFRIMS $80 MILLION DOLLAR RESEARCH AND PROMOTION BUDGET
Chairman Emphasizes Importance of Maintaining a Consistent Funding Level
(Memphis, TN) - The Cotton Incorporated Board of Directors recently gathered for their June Meeting in Dallas, Texas, and began discussions about its 2015 budget. The Cotton Board's Executive Committee was also in attendance and confirmed funding for the 2015 Research and Promotion Program at a level of $80 million, despite an expected decrease in total collections. Cotton Board Chairman, Gary Ross, an Importer from Yardley, PA, stated “The Cotton Board is drawing from our reserves in order to maintain funding at $80 million because we believe it is important to maintain the program at this level given the challenges cotton is facing."
In his address to the Cotton Incorporated board, Cotton Board Chairman Gary Ross underlined the challenges cotton is facing and the need for industry unity. "We need the power of one. It is a critical time for the Cotton Research and Promotion Program," said Ross. "Cotton demand is not where we need it to be and there is no quick or easy path that guarantees a quick turn-around. Now, more than ever, we need our boards to question, reflect, and encourage each other to find better ideas and better solutions than we had yesterday.”
Ross encouraged the organizations to act boldly. "We need to continue to create an environment where we can discuss positive and not-so-positive returns. Sometimes, home run hitters strike out. We need our team to go to the plate and swing as hard as they can - to swing for the fences. Our industry cannot afford to take a pitch or walk. Tough times do not last forever, but tough people do. I am proud of the cooperative spirit between The Cotton Board and Cotton Incorporated."
The two boards will meet in August to finalize the 2015 budget before The Cotton Board sends its recommendation for budget approval to the Secretary of Agriculture.