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

Act current to 2020-07-28 and last amended on 2020-07-20. Previous Versions

PART 5Payment of Moneys (continued)

Marginal note:Liability for future management

 Following the payment of moneys under section 92, Her Majesty is not liable for the management of those moneys.

  • 2005, c. 9, s. 93
  • 2012, c. 19, s. 660
  • 2018, c. 27, s. 408

Marginal note:Past liability

 This Act does not affect the liability of Her Majesty or a First Nation for any act or omission in respect of moneys occurring before a payment referred to in section 93.

  • 2005, c. 9, s. 94
  • 2010, c. 12, s. 1735
  • 2012, c. 19, s. 660
  • 2018, c. 27, s. 408

Marginal note:Indian Act

 Sections 61 to 69 of the Indian Act do not apply in respect of moneys paid to a First Nation under section 92 of this Act.

  • 2005, c. 9, s. 95
  • 2012, c. 19, s. 660
  • 2018, c. 27, s. 408

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

 [Repealed, 2012, c. 19, s. 660]

PART 6Financial Management and Control

Marginal note:Definitions

 The following definitions apply in this Part.

board of directors

board of directors includes

  • (a) in respect of the First Nations Tax Commission, the commissioners referred to in section 17; and

  • (b) in respect of the First Nations Financial Management Board, the directors referred to in section 38. (conseil d’administra­tion)

institution

institution means the First Nations Tax Commission or the First Nations Financial Management Board. (institution)

Marginal note:Exclusion from federal public administration

  •  (1) The officers and employees of an institution are not part of the federal public administration.

  • Marginal note:No guarantees

    (2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of an institution.

  • 2005, c. 9, ss. 115, 154(E)

Marginal note:Financial year

 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

 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

  •  (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

  •  (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.

Marginal note:Annual auditor’s report

  •  (1) Each institution shall cause an annual auditor’s report to be prepared in accordance with any directions of the Minister, on

    • (a) its financial statements; and

    • (b) any quantitative information required to be audited under subsection (3).

  • Marginal note:Contents

    (2) A report under subsection (1) shall

    • (a) include separate statements as to whether in the auditor’s opinion

      • (i) the financial statements are presented fairly, in accordance with generally accepted accounting principles, applied on a basis consistent with that of the preceding year,

      • (ii) the quantitative information is accurate in all material respects and, if applicable, was prepared on a basis consistent with that of the preceding year, and

      • (iii) the transactions of the institution that have come to the auditor’s notice in the course of his or her examination for the report were carried out in accordance with this Act; and

    • (b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in his or her opinion, should be brought to the attention of the institution or the Minister.

  • Marginal note:Audit of quantitative information

    (3) The Minister may require that any quantitative information required to be included in an institution’s annual report pursuant to paragraph (2)(a) be audited.

  • Marginal note:Presentation to Minister

    (4) Each institution shall submit its audited financial statements to the Minister at least 30 days before the day of its annual meeting.

 
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