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Listuguj Mi’gmaq Government

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.

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Listuguj Mi’gmaq Government

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  1. Listuguj Mi’gmaq Government Financial Administration By-Law

  2. Financial Administration By Law • Legislation • Roles • Requirements • Financial Assets • Conflict of Interest • Non Compliance • Amendments Repeal

  3. 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)

  4. Financial Administration By-law • Roles • Council • Finance Committee • Executive Director • Director of Finance

  5. 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; • .

  6. 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

  7. Financial Administration By-law • Requirements • Annual Balanced Budget • Annual Audit

  8. 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

  9. Financial Administration By-law • Conflict of Interest • Council • Directors • Employees

  10. Financial By-law • Non Compliance • Voidable decisions maybe overturned by vote by Majority of Council

  11. Financial Administration By-law • Amendment Repeal • By rules required for a By-law not by an OIC

  12. 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

  13. 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

  14. 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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