“I am sure your ancestors are no different than our ancestors. They set us up to be where we are today. We have the responsibility to do the same for the generations that are coming. And that means we need structures and systems in place that allow us as communities and aboriginal people to do that which ensures our success. A number of First Nations across this country came together with a common objective – to solidify our abilities to raise revenue from our lands. To secure access to the capital markets. And to do so in a way that created an accountability in a transparency framework that was created by First Nations Institutions, that was led by First Nations people.” - Harold Calla, Executive Chair, First Nations Financial Management Board
Has your Nation had trouble trying to borrow money for community development?
Do you need money to implement your community plans?
More affordable debt allows you to do more.
Where and how can your Nation access more affordable debt?
These are questions the First Nations Fiscal Management Act answers.
First Nations fought for and led the development of the First Nations Fiscal Management Act to support social and economic development. The FMA only applies to First Nations that choose to participate. The FMA enables First Nations to raise and leverage their revenues like other levels of government. It may provide First Nations with access to borrow monies through the First Nations Finance Authority on favourable rates and terms. The FMA does not diminish existing aboriginal or treaty rights.
The FMB is here to support First Nations in developing strong finance and administrative governance practices. These practices support the ability of First Nations to borrow money from the First Nations Finance Authority at rates and terms comparable to other governments.
"Nipissing always had good procedures in place. What the Financial Administration Law did was strengthen our policies , procedures and accountability mechanisms so on a day-to-day basis, we were better able to understand and monitor our financial activities." - Tammy Saulis, Chief Financial Officer, Nipissing First Nation
The FMB certification lays the path to increased transparency and accountability to members and future business partners. This also improves risk management through improved financial management systems.
Access to financing from FNFA allows First Nations to implement their community development plans on favourable financing terms. To date across Canada, $750 million in development projects have been financed through the FMA process.
Many Nations are already on their journey with the FMA and are reaping the benefits. To date, 274 First Nations are participating with the First Nations Fiscal Management Act.
If your First Nation would also like to benefit from the FMA opportunities, contact us for a presentation at no charge to discuss how to develop a Financial Administration Law or how to achieve certification.
Plan Beyond the 7th Generation Today.