Expenditure and Variance Reports are monthly or quarterly spreadsheets and summaries that give an up-to-date comparison between Revenue Forecast and funds received, and between appropriations and actual expenditures on a program by program basis (see Sample Expenditure and Variance Reports). The difference between budgeted numbers and actuals is called a variance. A summary report recaps the overall financial position of the First Nation as at specific dates in the fiscal year (generally monthly).
The audit is a formal, independent review of all Band revenues and expenditures for the fiscal year. It is conducted in accordance with generally accepted accounting principles. Essentially, the audit is a "report card" of the financial management and fiscal health of the First Nation.
Program Directors are accountable for the responsible management of their program within the budget as allocated. They are accountable to the Band Council for delivering programs in accordance with policy duly approved by Council or set out within a funding arrangement. They are also accountable to clients for the quality of service provided.
In addition to the regular reporting of expenditures and variance, the mid-year and year-end reports contain more than just financial information. Programs are required to report on progress on Program Work Plans and the Capital Plan. Program Directors present these semi-annual reports to Chief and Council outlining financial and program status.
There are not many groups in Canada that have the unique government-to-government relationship that First Nations share with Canada. This meant there were very few products available to help First Nations deal with financial issues. That is, until now. This fiscal planning aid has been developed specifically for First Nations governments and organizations like yours. The goal of the Fiscal Planning Calendar and its components is to help you to balance fiscal pressures from your communities and funding agencies by following a simple process.
The Central Labrador community of North West River has been used as a congregational meeting place by nomadic fur traders for the past 3000 years(documented). The village was established as a community in 1743 by Louis Fornel when the fur trade between the Innu, Métis, Inuit and European explorers became a commercial entity. History has seen French Revillion and Freres and the Hudson's Bay Company establish North West River as an isolated center of commerce. This commerce also brought with it the International Grenfell Association’s center of health care and educational services.
Sivunivut was successful in obtaining funding to complete an Economic Leakage Study. The goal is to complete an economic leakage study that will help reverse the current trend of outflow of spending from North West River into the neighbouring central Labrador community of Happy Valley – Goose Bay. This study will identify specific business opportunities for North West River that would bring new businesses, jobs and wealth back into the community.
