ernance structures within a community. “We have a lot of cli-
ents coming to us who may not need to or want to borrow
funds, but they can still become a client and improve their gov-
ernment structure and improve the transparency and account-
ability within council,” says Calla.
Examples of the FMB’s success are easy to find—at this date,
over 200 First Nations communities have opted in to participat-
ing in the FMA. A number of those communities are working
with the FMB—112 have enacted a financial administration law
and, to date, 93 have completed the Financial Performance Cer-
tification process.
The Membertou First Nation, one of five Mi’kmaq communities
in Cape Breton, was one of the first to receive a Financial Per-
formance Certification from the FMB. As an immediate result
of that certification, Membertou First Nation was able to refi-
nance a number of short-term loans it had from major financial
institutions, resulting in savings of nearly $1.7 million annually
in debt-servicing costs. In addition to refinancing existing debt,
they also borrowed through the FNFA to fund other projects
and initiatives in their community.
First Nations governments’ abilities to implement and sustain
good financial management is emboldened through the FMB’s
capacity building initiatives. Through strengthened human re-
source capacity, the financial administration of any government
is improved—and through Individual and organizational capacity development resources,
the FMB offers support to First Nations governments in this area.
The FMB is a non-profit institution that provides a range of services at no cost to sup-
port financial management capacity building for First Nations across Canada. The FMB
provides presentations to First Nations interested in its tools and services.
Formore informationontheFMB,pleasevisitwww.fnfmb.comorcall 1.877.925.6665.
AUGUST 2017
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