Finance Department & Financial Governance

The Cheslatta Finance department is critical to everything the nation does.  A team of four led by Director of Finance, Susan Meeds, oversees budget & finance planning, preparation of reports to funders, manages incoming funds and disbursements for CCN and its many businesses and, oversees preparation of annual audited financial statements.

Current objectives include implementing the requirements of the Financial Administration Law (FAL), reporting to the new Finance and Audit Committee, preparing for new business opportunities and implementing new software and systems to accommodate the rapidly growing business opportunities of the nation.

FINANCIAL PERFORMANCE CERTIFICATION

Cheslatta has advanced financial management practices consistent with the vision of the Comprehensive Community Plan.

During Cheslatta’s comprehensive community planning process held in 2016 and 2017, membership was clear about their desire to see Chief and Council take steps to plan out the use of Cheslatta’s financial resources in a responsible manner that takes into account the needs of present day and the needs of future generations of Cheslatta t’en.

Since that time, we have taken steps to ensure Cheslatta’s financial management practices are the best they can be.  In January 2019, Cheslatta received Financial Performance Certification from the First Nations Financial Management Board (FMB).  The achievement of this certification involved Cheslatta Chief and Council passing a Financial Administration Law and making decisions to implement policies and processes that now govern the way Band finances are managed according to standards set by the FMB and adopted by Cheslatta. HR policies were also created to manage these changes. To meet these standards, Cheslatta Chief and Council has now appointed a Finance and Audit Committee of Council for a three-year term.  The Finance and Audit Committee serves as an advisory board to Chief and Council and is mandated to provide advice and guidance on matters related to the financial well-being of the community. This was an ISC Indigenous Services Canada requirement to be able to register and receive the 10-year grant funding agreement. Administration and council are ensuring that all requirements for the FAL and the 10-year grant are in place.     

These efforts are designed to ensure there are proper planning and safeguards around the use of Cheslatta’s resources for now and into the future.Having these safeguards in place will continue to benefit Cheslatta as we use these resources to help the community grow in a manner consistent with the vision of membership as expressed in the comprehensive community plan.

FINANCE & AUDIT COMMITTEE

This committee is established and consists of 2 independent members with a financial background who will work with Cheslatta to ensure that we stay in compliance with the "Financial Administration Law" of Canada as part of our Financial Performance Certification from First Nations Financial Management Board (FMB).  This committee will provide services that will ensure financial accountability and transparency. This is an ongoing process and is part of the compliance for the FAL.

CHESLATTA TRUST

The Finance and Audit Committee were briefed on the Cheslatta Trust. We have our provincial agreement and Rio Tinto agreement funds in a secure account that is monitored and managed by a trust, which secures the funds for many reasons including growing the money for future use and financial accountability.