A primary focus of the FMB is to provide financial management system certification for First Nations that choose to apply for a property tax secured loan from the First Nations FInance Authority. To this end, the FMB will offer services in support of financial administration law development, financial management system certification, intervention and capacity development.
The legislation is in force, the board appointments have been made, and the First Nations Financial Management Board (FMB) is now ready for operations. It is now possible for First Nations to begin using the tools established by the First Nations Fiscal and Statistical Management Act (FSMA) to create real benefits for their communities.
A primary focus of the FMB is to provide financial management system certification for First Nations that choose to apply for a property tax secured loan from the First Nations FInance Authority. To this end, the FMB will offer services in support of financial administration law development, financial management system certification, intervention and capacity development.
Although a primary focus of the FMB will be to provide services to First Nations participating in the FSMA, the tools that they have been developing have the potential for broader application. Many First Nation initiatives contemplate financial management issues. The Canadian Institute of Chartered Accountants (CICA) draft report: “Financial Reporting by First Nations” is making recommendations that will impact the way First Nations report to their membership, other governments and their business partners. The FMB has attempted to keep these initiatives in mind as they developed FMB standards and sample laws.
The FMB will be offering services in the following areas to support First Nations in the development of a successful financial administration system:
- Standards and Certification – the FMB will, at the request of a First Nation, offer services to evaluate and confirm that a First Nation’s financial management system is operating in compliance with its financial administration law.
- Capacity Development – the FMB will be working in partnership with organizations such as AFOA Canada and the Tulo Centre of Indigenous Economics to identify and deliver opportunities for capacity development. Capacity development initiatives will enable First Nations to consider the services of FMB and its related institutions when an economic opportunity arises.
- Intervention – services to protect First Nations participating in a First Nation Finance Authority (FNFA) debenture and to maintain the integrity of the FNFA credit rating.
