The ABC Board of Directors recommended to USDA proposed amendments to the Marketing Order that are primarily administrative or modernizing in nature. One important new provision gives the Board the ability to better manage cash flow by authorizing the Board to borrow short-term funds from commercial lending institutions if needed and when it is financially prudent.
This rule does not change the assessment in any way or affect the budget.
The Board of Directors and ABC’s Audit & Finance Committee will establish specific financial controls and procedures for when and if it is appropriate to borrow short-term funds.
Approval of the rule change requires a grower referendum, which will be conducted by the USDA Agricultural Marketing Service field office in Fresno and held Oct. 30 – Nov. 20. Please watch for this important notice.
For more information, contact USDA-AMS Marketing Specialist Peter Sommers via email or telephone at 559-538-1670.
