Section 49 and 55 of the First Nations Fiscal Management Act (FMA) establishes the following legislative mandate for the FMB:
- Support First Nations to manage their finances well.
- Support First Nations in applying for loans on similar terms as other governments in Canada.
- Review and audit First Nations’ finance practices.
- Support First Nations to get certified in financial management and performance.
- Evaluate the finance health of First Nations when invited.
- Support First Nations when working with other governments in areas of governance and finance practices, including accountability and shared fiscal responsibility.
- Support First Nations to strengthen their own communities through better relationships with financial institutions, business partners, and other governments.
- Provide advice, policy research, and review services relating to fiscal arrangements between First Nations and other governments.
- the form and content and approval of Financial Administration Laws (FALs)
- Financial Management System Certification
- Financial Performance Certification
- Financial reporting for the local revenues account
- Provide co-management and third party management services in relation to borrowing from the First Nations Finance Authority or collecting local revenues through the First Nations Tax Commission.