The multi-year financial plan sets out the money that a First Nation will need over the next five (5) years to deliver the activities outlined in its strategic plan .
Under the FAL, a First Nation must have and keep up-to-date a multi-year financial plan that supports its strategic plan.
The FAL also requires that Council create a policy for having a multi-year financial plan for the First Nation. This policy must require that the multi-year financial plan:
- include the current year and the next four (4) years
- use the expected values of the revenues, expenses, and transfers between accounts. These need to be separated by category
- show any expected extra money or approved shortages of money
- include the life-cycle asset management plan for the First Nation’s capital assets
- support the same goals as the strategic plan