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Listuguj Mi’gmaq Government Financial Administration ByLaw


Financial Administration By Law 

Legislation

Roles

Requirements

Financial Assets

Conflict of Interest

Non Compliance

Amendments Repeal


Financial Administration By-Laws ď‚› 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; .


Role of Council 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


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 ď‚› Non ď‚›

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  Post

Approval by FNMSB and Lawyer

on LMG Web Site

 Approval

post review by Council

 Minister Approval  Letter

to Community

 Individual  Meet

Letter to LTO and Renters

with

Directors and Staff

Community Meeting

 Target

April 1 2013 commence enforcement

Listuguj Migmaq Government By-law Presentation to Council ”  

Listuguj Migmaq Government By-law Presentation to Council ”

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