Reclaiming Prosperity
The FNRC proposal is a practical approach to implementing fiscal jurisdiction over traditional territory. It aims to ensure that First Nation participation in the benefits of resource development is fair, equitable and accessible. It could make benefits to First Nations more secure and available, and provide revenue through all project phases. These revenues could improve remote and rural communities by providing funds for infrastructure and business development, an opportunity that has not been easily accessible in the past.
Working together to create a new legacy for First Nations.
Moving at the Speed of Business
The First Nations Fiscal Management Act (FMA) approach to economic development is rooted in the philosophy of Manny Jules and other leaders. They knew that in comparison to off-reserve business deals, it took far longer and was more expensive to close a deal on reserve land. He understood that for his community to prosper, they needed a solution that was not to subsidize business but to speed up the timelines and lower the cost of doing business. To enable this required reassigning authority from other governments and back into our communities.
The FMA Solution
In 2005, the introduction of the FMA and its supporting institutions offered First Nations an option to overcome these barriers. It successfully reassigned fiscal authorities allowing First Nations to be more responsive and set their own priorities; it brought more business and investment to their land. The FMA is now a well-proven concept. The framework has improved investor confidence through transparency, accountability, and improved value of each tax dollar. Many FMA communities are thriving.
Expanding Jurisdiction
The FNRC is a concept that has been in development since 2012. It aims to improve investment off-reserve in the same way the FMA improved investment on-reserve. More certain fiscal benefits mean shorter timelines, lower costs, and more First Nation involvement in managing their historic lands. Revenues from the FNRC will support First Nations and help them take better advantage of the economic opportunities offered by resource projects on their lands. Expanding the borders of First Nation jurisdiction brings us all closer to economic justice.
