First Nations Fiscal Management Act
Marginal note:Corporate plans
118 (1) Each institution shall, in accordance with any directions given by the Minister, establish a corporate plan and budget for each financial year and submit them to the Minister for approval.
Marginal note:Scope and contents of corporate plan
(2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of
(a) the objects or purposes of the institution;
(b) the institution’s objectives for the financial year and the strategy it intends to employ to achieve those objectives; and
(c) the institution’s expected performance for the financial year as compared to its objectives for that year as set out in the last corporate plan.
Marginal note:Contents of budget
(3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations.
Marginal note:Form of corporate plan
(4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.
Marginal note:Restriction on business or activity
(5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year.
(6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval.
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