Provides accounting services to all programs and businesses, payroll and benefits, asset management, insurance and risk management, revenue and working capital management, property tax administration, financial reporting, annual financial audit, and revenue agreement management
Provides employee payroll policies adhering to Labour Codes of Canada, provides job descriptions and the salary grid for all employment positions within the band, and travel policies complying with and subject to the Financial Administration Law.
Ensuring adherence to any agreements and funding arrangements entered into by LNIB or any department or corporate entity.
Includes the management of LNIB’s holdings, with the ultimate goal of managing LNIB’s liquidity and mitigating it’s operational, financial and reputational risk. Includes LNIB’s collections, disbursements, concentration, investment and funding activities.
LNIB is required to have a financial audit conducted at fiscal year end, which will examine on an audit basis the financial records and compliance requirements throughout the year (April 1st to March 31st)
LNIB Directors prepare budgets each year as part of the Annual Financial Plan and are approved by Band Council Resolution. Control shall involve comparing and reconciling monthly program revenue and expenditure statements with each program’s original projected budget. A capital management plan sets out the longer term asset requirements and funding sources for ongoing asset replacement and investment.
Monthly Financial Statements are prepared and completed by the Finance Department within 25 days in the following month and are to be made available to the Executive Director for presentation to Chief and Council and for the Finance Committee for presentation at General Band Meetings.Financial Statement are available at the Band Office and on the Members Only section of the website.
Includes the creation of laws respecting taxation for local purposes of reserve lands, interest in reserve lands or rights to occupy, possess or use reserve lands, including laws to establish tax rates and apply them to the assessed value of lands, interests and rights in the reserve.
In addition to financial risk management, LNIB ensures adequate insurance coverage is obtained to protect the full value of all of the Band’s assets and interests. Insurance coverage should include coverage for property and general liability in the appropriate amount relevant to any specific program being operated.
Proposed Lower Nicola Indian Band Tax Rates, 2020
|3 Supportive Housing
|4 Major Industry
|5 Light Industry
|7 Managed Forest Land
|9 Farm Land