The Director of Operations for a Saskatchewan reserve hopes new financial certification will allow them to be more financially stable.
After a two-year process, Mistawasis First Nation was recently approved for certification by the First Nations Financial Management Board.
Louis LeDoux, Director of Operations for Mistawasis, says good governance and sovereignty for the First Nation will come from sound financial management.
“It will allow us to get off the whole dependency cycle for the membership of Mistawasis,” said Ledoux. “For example we are trying to break the dependency from the welfare system that does not work for our young people.”
Ledoux says new financial certification will give them more options for their community. He says they will now be able to borrow more money over a longer period of time.
“This gives us flexibility, so the next step for us is to develop a master plan for what some of the priorities in the community might be,”
Said Ledoux.
The First Nations Financial Management Board says now more than ever First Nations are improving their existing financial systems.
“Mistawasis is one of many First Nations that will benefit from this process,” said FMB Executive Chair Harold Calla in a media release. “We are excited for this community and look forward to their continued success.”
Along with being certified with the FMB, Mistawasis also signed a Financial Administration Law and have also been approved for a Financial Performance Certificate.