Financial Administration

National  Policy  on  Financial Administration

1.    The purpose of this policy is to provide for the administration of Pimicikamak Okimawin, the establishment and maintenance of its accounts, and the control of its activities consistent with national principles.

2.    Pimicikamak Okimawin embraces all institutions of Pimicikamak governance and includes every national department, agency and corporation.

3.    For the purposes of this policy, “Pimicikamak municipal entity” includes every municipal department, agency and corporation of or owned by that entity.

4.    This policy applies to the administration of Pimicikamak Okimawin and to the administration of any Pimicikamak municipal entity that has formally elected to apply it.

5.    If there is a conflict between this policy and any other policy, this policy shall  apply.

6.    Public money of the nation shall be paid into a consolidated revenue fund.

7.    Until otherwise provided by law of the nation, Pimicikamak Okimawin Trust will continue to be the consolidated revenue fund.

8.    Th financial policy of the Nation requires that all budgets be balanced and, subject to statutory requirements, adhered to.

9.    The Executive Council may approve a budget deficit only after making public disclosure of its intention to do so and of the amount of the deficit.

10. A manager who exceeds an approved budget is personally liable for the amount of the over expenditure.

11. Subject to national policy, the Executive Council shall determine the objectives and priorities of the Nation.

12. The Councils hereby constitute a Management Board as an integral part of Pimicikamak Okimawin.

13. The Management Board shall be responsible for overseeing and directing management of the human, financial, information and technology resources of the nation in a manner that is prudent and supportive of the objectives and priorities of the nation.

14. The Chief shall nominate three members of the Executive Council, including the member responsible for Finance, as members of the Management Board, subject to approval and to periodic review by the Executive Council.

15. The member of the Executive Council responsible for Finance shall be the chairperson of the Management Board.

16. Recommendations and decisions of the Management Board shall be made and recorded  in writing in English.

17. The Management Board is responsible  for ensuring transparency  and  accountability to the citizens of the naticm.

18. The Management Board shall ensure that financial resources are managed in accordance with Generally Accepted Accounting Principles.

19. The Management Board shall:

a)     Approve all budgets for recommendation to the Executive Council;

b)     Subject to the next paragraph, approve all budget adjustments;

c)     Issue direction to coordinate financial arrangements so as to minimize wasteful and unnecessary costs;

d)     Approve  all banking  arrangements;

e)     Approve all credit arrangements;

f)    Direct  and ensure such quarterly public  reporting  as it  deems  appropriate

g)    Direct and ensure public disclosure of annual reports within 120 days of year end;

h)    Require annual audits of all year end financial statements.

20.  The Management Board may:

a)    Authorize the chairperson to approve, upon the written recommendation of the Secretary, budget adjustments, banking arrangements or credit arrangements less than amounts specified from time to time by the Executive Council;

b)     Require reimbursement from any official for financial dealings in conflict of interest;

c)    Notify banks and other sources of credit in writing of the authorization requirements for pledging the credit of Pirnicikamak Okimawin or a Pimicikamak municipal entity.

21. Except as specifically provided in this policy, the Management Board may not delegate any of its authority.

The Executive Council shall appoint a suitably qualified person to act as the Secretary to the Management Board.