Presentation on theme: "Listuguj Mi’gmaq Government Financial Administration By- Law."— Presentation transcript:
Listuguj Mi’gmaq Government Financial 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, and qualified 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; and ensuring the sale of any assets owned by Listuguj is for no less than fair market value Role of Council
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 3 rd 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
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