Thursday, September 3, 2015

Lax Kw'alaams outlines Financial notes from March year end

The First Nations Community of Lax Kw'alaams has released the background to their Financial Statements to the end of their fiscal year of March 31, 2015.

The Financial review conducted by Carlyle and Shepherd and Company, provides the details of the financial operations of the community, as well as a breakdown on some of the financial mechanisms in place with the community government.

For final numbers on the year, the First Nation noted revenues of 58,045,529 to year end of March 31st, with almost half of that from Logging and Forestry activities.

On the Expenditures side, the Statement notes a year end of March 31st total of 47,885,058, the largest amount outlined as part of the Other category, the next largest expenditure came from Education at 4,184,821

As well, the statement also provides a number of notes related to current items of interest under contingent liabilities.

Among those items are an outstanding amount of $300,000 with a contractor that the Band is disputing at the moment.

Also noted was the status of Guarantees for the Cost Tsimshian Fish Plant of $2,532,460 and Coast Tsimshian Resources Limited Partnership of $5,000,000.

The Band is also the Guarantor of Band member mortgages to an amount of $828,620

Of interest in the LNG issue in the region, the statement also outlines that the Lax Kw'alaams Band has retained various consultants regarding negotiations with potential LNG terminal operators, though those fees are contingent on the outcome of negotiations and the availability of proponent funding.

The Full financial Statement review can be examined here.

As for the Remuneration side of the picture, the report also provides for a full range of salary and expenses for Mayor Garry Reece and the other council members at Lax Kw'alaams

Chief Councillor Garry Reece received 110,720 dollars remuneration and claimed expenses of $54,528 for the year ended March 31st.

The remaining councillors received remuneration ranging from a high of 77,880 dollars plus expenses to low of 27,778 for Acting Chief John Helin, who was listed as on the payroll for four months of the last  year.

The full overview on the remuneration file can be found here.

For more background on our notes on Lax Kw'alaams see our archive page here.

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