Requirements (materials and costs) :
The implementation of the project would require a few expenditures which would include:
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A fence
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Necessary to keep out rodents since the pile would be a recipient of food scraps.
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The cheapest option as listed on the Pro Matcher website are woven-wire, chain-link, and wooden fences, in that order.
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The cost of applying a woven-wire fence to the area would be approximately $70.
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Shovels
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For turning the soil.
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The Home Depot website shows that shovels would cost about $20 each (this could be less if we choose to opt for fiberglass handles as opposed to wooden ones).
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Nitrates
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These would be needed only in the event that the nitrate-carbon ratio requires balancing (this shouldn't occur too often).
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$29.99/50lbs according to the Just Fruits and Exotics website.
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Some other useful links
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An easy-to-follow guide for beginners to the world of composting by the City of Lawrence.
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Home Composting Made Easy - a guide to composting food scraps in one's backyard.
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A printable flyer with composting tips by the City of Lawrence.
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Backyard composting explained by the City of Lawrence.
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Building Sustainable Traditions - The University of Kansas Sustainability Plan.