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First Nations Fiscal Management Act [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Publisher acronym: 
Year of publication: 
2019

The First Nations Fiscal Management Act (FMA) is a law that provides First Nations with support and tools to strengthen your community and build your economy. First Nations can choose whether or not to participate in the FMA.

All of our First Nations clients must be scheduled under the First Nations Fiscal Management Act (FMA).

What is the FMA?
All First Nations have the option and the authority to pass by-laws related to financial administration and taxation of land under the Indian Act. The FMA now provides First Nations governments with authority outside of the Indian Act over:

Financial Administration Laws
Local revenues
Financing for infrastructure and economic development

What does being scheduled to the FMA mean?

It means accessing the services of the FMA institutions which are the First Nations Financial Management Board (FMB), the First Nations Finance Authority (FNFA) and the First Nations Tax Commission (FNTC).

Over 200 First Nations are Scheduled to (or participating in) the FMA. Many of these Nations have done, or plan to do in future, the following:

get independent validation from the FMB that the Nation is following good governance and finance practices.
get independent validation from the FMB that the Nation is in good finance health.
apply for a loan from the FNFA.
collect local revenues under the FMA.



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