First Nations Fiscal Management Act (S.C. 2005, c. 9)

Marginal note:Financial year

116. The financial year of each institution is the period from April 1 to March 31, unless otherwise prescribed by regulation.

Marginal note:Expenditure of revenues

117. Subject to any terms and conditions that the Treasury Board may direct, for the purposes of the institution, an institution may expend, during a financial year or the following year, any revenues that it receives in that financial year through the conduct of its operations.

Marginal note:Corporate plans

• 118. (1) Each institution shall, in accordance with any directions given by the Minister, establish a corporate plan and budget for each financial year and submit them to the Minister for approval.

• Marginal note:Scope and contents of corporate plan

  (2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of

  • (a) the objects or purposes of the institution;

  • (b) the institution’s objectives for the financial year and the strategy it intends to employ to achieve those objectives; and

  • (c) the institution’s expected performance for the financial year as compared to its objectives for that year as set out in the last corporate plan.

• Marginal note:Contents of budget

  (3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations.

• Marginal note:Form of corporate plan

  (4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.

• Marginal note:Restriction on business or activity

  (5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year.

• Marginal note:Amendment

  (6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval.

Marginal note:Books and systems

• 119. (1) Each institution shall

  • (a) keep books of account and records in relation to them; and

  • (b) maintain financial and management control and information systems.

• Marginal note:Books and systems

  (2) The books, records and systems referred to in subsection (1) shall be kept and maintained in such a manner as will provide reasonable assurance that

  • (a) the institution’s assets are safeguarded and controlled;

  • (b) its transactions are in accordance with this Act;

  • (c) its financial, human and physical resources are managed economically and efficiently; and

  • (d) its operations are carried out effectively.

• Marginal note:Internal audit

  (3) An institution may cause internal audits to be conducted to assess compliance with subsections (1) and (2).

• Marginal note:Financial statements

  (4) Each institution shall annually prepare financial statements, in accordance with generally accepted accounting principles, as supplemented by any directions given by the Minister under subsection (6).

• Marginal note:Form of financial statements

  (5) The financial statements of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.

• Marginal note:Directions

  (6) The Minister may give directions respecting the preparation of financial statements, to supplement generally accepted accounting principles.