Published: 2017
Total Pages: 0
Get eBook
MaryAnn Mihychuk Chair MAY 2017 42nd PARLIAMENT, 1st SESSION Published under the authority of the Speaker of the House of Commons SPEAKER'S PERMISSION Reproduction of the proceedings of the House of Commons and its Committees, in whole or in part and in any medium, is hereby permitted provided that the reproduction is accurate and is not presented as official. [...] To manage the potential financial risks involved in this transfer of public funds, the agreements stipulate conditions under which the Department can intervene in the financial affairs of First Nations, the conditions of which are guided by the Default Prevention and Management Policy. [...] Recognizing these concerns, the House of Commons Committee on Indigenous and Northern Affairs (the Committee) adopted a motion on 21 February 2017 agreeing to study the issues and challenges related the Default Prevention and Management Policy.1 The study was to examine key issues affecting financial management in First Nations communities, the federal programs to support financial management, the [...] The Committee heard that many First Nations have capacity challenges including a limited understanding of the terms and conditions of funding agreements and financial literacy,22 and difficulties recruiting and retaining qualified financial experts.23 Witnesses such as the Assembly of First Nations emphasized the importance of First Nations hiring financial experts, such as chartered accountants a [...] Specifically, The Act established the First Nations Tax Commission, the First Nations Financial Management Board, and the First Nations Finance Authority in order to provide participating First Nations with enhanced financial management capacity, the ability to tax real property, and access to pooled borrowing.
