Listuguj Mi’gmaq GovernmentFinancial Administration By-Law

Financial Administration By Law Legislation

Roles

Requirements

Financial Assets

Conflict of Interest

Non Compliance

Amendments Repeal

Financial Administration By-Laws Legislation Authority

the appropriation and expenditure of moneys of the Community to defray its expenses;

the appointment of officials to conduct the business of Council; and

any matter arising out of or ancillary to the exercise of the powers described in subsection 83(1) of the Act; and Sec 64 (1)

Financial Administration By-law Roles

Council

Finance Committee

Executive Director

Director of Finance

Role of Council Financial Administration By-Law

ensuring that the annual budget of the LMG does not have expenditures exceeding revenues;

planning and budgeting financial and other resources for local services and capital works projects;

setting policies and procedures to safeguard the resources of Listuguj and maximize the well-being of its members;ensuring Council and all employees of the LMG have full financial accountability at all times to all members of Listuguj;

ensuring the LMG meets all financial obligations with third parties;

ensuring all investments in financial instruments are made in accordance with prudent investor standards;.

ensuring that all employees of the LMG who manage and control community funds are

responsible for maintaining accurate financial records, andqualified for the position to which they are appointed by LMG’s administrative services;

permitting access by all Listuguj members, under the supervision of Council or its designate, to Listuguj by-laws, annual budgets, annual audited financial statements and annual audit reports of the LMG;

ensuring that all financial records of the LMG, including computer files, are kept in the administration office in a secure and safe condition, and are not removed from the office without the authority of Council, such authority to be evidenced by resolution; andensuring the sale of any assets owned by Listuguj is for no less than fair market value

Role of Council

Financial Administration By-law Requirements

Annual Balanced Budget

Annual Audit

Financial Administration By-law Financial Assets

Bank Accounts

Expenditures

Borrowings

Collections

Applies only to Members if money lent or owed to Band I.E. LTO Contract

Contracts

Financial Administration By-law Conflict of Interest

Council

Directors

Employees

Financial By-law

Non Compliance

Voidable decisions maybe overturned by vote by Majority of Council

Financial Administration By-law Amendment Repeal

By rules required for a By-law not by an OIC

Financial Administration By-law

Pros

Part of Good Governance

Structured Approach To Financial Responsibility

Designates Responsibility and Accountability

Set Specific Limits

Outlines Council’s responsibility to Financial Affairs of the LMG

Financial Administration By-law Cons

Auditor will deem LTO arrears uncollectible as write off

Put LMG into 3rd Party unless another solution presented

No new LTO program could be financed

Implementation Plan Technical Approval by FNMSB and Lawyer

Post on LMG Web Site

Approval post review by Council

Minister Approval

Letter to Community

Individual Letter to LTO and Renters

Meet with

Directors and Staff

Community Meeting

Target April 1 2013 commence enforcement