WHY IS FINANCIAL MANAGEMENT IMPORTANT?
First Nations governments have long been responsible for reporting to funders and regulators at the provincial and federal levels. In recent decades, administrative responsibilities have increased further as a result of greater economic and development opportunities. The need for more comprehensive accountability frameworks, as well as increased trust and transparency in governance structures, have therefore come into greater focus for First Nations leadership. Demonstrating financial management and implementing administrative structures to support long-term governance can go a long way in creating successful, healthy and prosperous communities.
WHAT DOES FINANCIAL MANAGEMENT LOOK LIKE AT THE COMMUNITY LEVEL?
Financial management in First Nations governments begins with the development of laws, codes and policies to guide leadership towards effective and empowered decision-making. With these tools, managerial, financial and administrative staff can demonstrate consistency and transparency to community members. Common provisions outlined in fiscal management documents include:
• the roles and responsibilities of Chiefs and Councils, finance committees and administrators
• rules for addressing conflicts of interest
• access to information protocols
• disclosure of financial information to community members
• budgeting & expenditure procedures
To get started, browse the following sections to learn more about fiscal laws and bylaws governing First Nations, budgets and community planning, how to build financial committees, and review sample policies and procedures from other communities.
Here are the resource collections you can explore: