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NAPI seeks $10 million from tribeWINDOW ROCK — Navajo Agricultural Products Industry officials were optimistic Wednesdayafternoon that Budget and Finance Committee membes would approve NAPI’t request for about $10 million from the tribe.Specifically, the financially troubled NAPI was seeking $9.5 million from the tribe’s unap propriated surplus and $500,000 from the tribe’s general operating budget for 1985.Additionally, NAPI asked that the tribe write off approximately $2 million in former loans to NAPI and that the BIA be requested toprovide a $12.5 million match to tribal funds for NAPI.“We’re confident the proposal will be recommended, said Ferdinand Noiah, NAPI director of finance and administration.Last year the tribal enterprise lost about $10 million and new management was installed in January.NAPI's projected losses for1984 are expected to drop to bet ween $5 and $6 million, Mr. Notah said. “We’re trying to make some revisions to make that loss evenlower,” he added.“We hope to break even this year, or, or realistically, next year,” he said adding that at tempts are being made to reduce the farm’s overheadNAPI employes about 320people, about 98 percent of whom are Navajo, Mt. Notah said.NAPI Board Chairman Morris Johnson said the enterprise’s problem is one that has “accumulated over the years,” ;NAPI, he said, “was under-' capitalized from the day it *arted.”Interest payments totaling $4,8 * million a year on former loans have been the dark cloud over NAPI’s now officials of the enterprise agree, adding that they arc confident the operation can be made profitable under the new management and with just a littlemore money from the tribe.
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Navajo Time
Window Rock, Arizona, US
Thu, Jun 21, 1984
Page 4
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