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 five-year corporate plan and a 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 five-year period to which the plan relates and the strategy it intends to employ to achieve those objectives; and

  • (c) the institution’s expected performance for that five-year period as compared to its objectives 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.

• Marginal note:Amendment

  (6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval.