The Opaskwayak Financial Administration Law Explained
The Opaskwayak Financial Administration Law Explained
In 2016, Opaskwayak Cree Nation signed their Financial Administration Law (FAL). This was required to become a borrowing member with FNFA. In January 2017, Opaskwayak became a borrowing member of FNFA and gained access to the kind of funding that used to only be available to towns, cities or Provinces, at reasonable interest rates, to plan for and deliver large community projects.
In March 2019, Opaskwayak became certified under the Financial Management Board (FNFMB) which provided eligibility for a 10-year grant of federal funding.
“This certification and the funding Opaskwayak has received have been critical for advancing our Nation,” says Chief Sidney Ballantyne. “The combination of the 10-year grant and the FNFA funding has allowed Opaskwayak to be much more independent in decision-making and advanced our self-government. But it also legally requires us to build the financial systems that protect everyone – Chief and Council and Treasury Board and Opaskwayak staff, but especially the Opaskwayak community.”
The cornerstone of that financial system is the Financial Administration Law – a 49-page legal document signed into effect on October 15, 2016 that details the responsibilities and processes for the management of all of Opaskwayak’s public funds.
“It is the responsibility of our leaders today and tomorrow to keep building these systems using the best legal and financial advice, but also making sure that what we build reflects our culture and the Seven Sacred Teachings,” says Chief Ballantyne.
The current Financial Administration Law is in the process of being updated to reflect the new organizational structure. All the other existing codes and laws regarding key roles are also being aligned so that they are all consistent. This is being done collectively with input from the Chief and Council, the Leadership Team (Executive Directors of each branch, CEO and CFO) and with the support of the Policy Lead and Legal Counsel.
“The FAL and the whole framework of codes, laws and policies for Opaskwayak are important for risk management and to protect the integrity of our financial and human resources for generations to come,” adds Chief Ballantyne. “It takes time and commitment to build these systems, tighten the rules, and change the way we do business every day, but it will be worth the effort when the people can trust that no matter who sits at Chief and Council, Treasury Board, CEO, CFO or any other key role, the community’s interests will always be protected.”
The FAL details the responsibilities of Chief and Council, Treasury Board, the CEO, CFO and other members of the Administration. It defines that Opaskwayak have a formal organizational structure and clear roles, responsibilities and accountability for conduct and the management of finances for Councils, Boards, Committees, the Executive Team and individuals.
“This certification and the funding Opaskwayak has received have been critical for advancing our Nation,” says Chief Ballantyne.
It details how bank accounts are set up, how purchases and payments are made, limits on what can be borrowed in the name of Opaskwayak and how that is done. It outlines financial reporting and audit procedures and how to plan for and manage the upkeep of capital assets, like buildings and roads.
Direction regarding conflicts of interest and spending limits helps Chief and Council and Administration stay consistent in managing the affairs of Opaskwayak and ensure they are acting in ways that continue to build trust.
“For years, we have had a patchwork of codes, laws, policies across the different branches, working with different funders and Governments,” adds Chief Ballantyne. “It’s something else we inherited through colonialism. Now as an independent First Nation, it is the responsibility of our leaders today and tomorrow to keep building these systems using the best legal and financial advice, but also making sure that what we build reflects our culture and the Seven Sacred Teachings.”
This story was first published in the Fall 2022 Report to the Community.