Memo: Audit 2016 shows fiscal improvement
To: Band Members, Beardy’s & Okemasis First Nation
From: Jeremy Seeseequasis, Councillor i/c Finance
Date: December 5, 2016
Re: Audit and General Assessment 2016
Dear Band Members,
I would like to provide you with some information and a brief explanation of the 2016 Audit and INAC General Assessment.
You can view the 2015/2016 Fiscal Year Audit documents here.
In case you did not know, we had a community meeting on Thursday, December 1 to present the 2015/2016 Fiscal Year Audit and General Assessment. In my opinion the audit was good. One of the key highlights was the General Assessment score. The General Assessment is a tool used by Indigenous and Northern Affairs Canada (INAC) to show the band’s overall financial and operational health. Presently we are in good standing. The General Assessment was implemented in 2010-2011. Our score has fluctuated since that time with our most critical score being -46.38 in the 2013-14 fiscal year; to our best score ever this year, -14.67.
This is a score that I am very proud of.
What does this mean in the long run? It could mean less stringent funding agreements, better terms at the bank, etc. Simply put, it’s a major step for the nation to gaining greater self sufficiency and a stronger financial standing. If we continue on the same path we are on, we could potentially see this score on the positive side within a few years time.
I have attached the presentation from the Audit Presentation Meeting. Please let me know if you have any questions or concerns.
Jeremy Seesequasis, Councillor i/c Finance
Beardy’s & Okemasis First Nation