The Cotton Board’s Executive Committee has confirmed $80 million for funding of the 2015 Research and Promotion Program.
The budget and funding discussion came during the June meeting of the Cotton Incorporated Board of Directors. The funding level was set, despite an expected decrease in total collections, to continue programs designed to help increase cotton demand in a challenging world market.
Cotton Board Chairman Gary Ross, an importer from Yardley, PA, said, “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 message to the Cotton Incorporated board, Ross underlined the challenges cotton is facing and the need for industry unity.
“We need the power of one,” he stated. “It is a critical time for the Cotton Research and Promotion Program. 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,” he added. “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.
Source – The Cotton Board