The Kwikwetlem First Nation's annual financial report has been released and show the band is in a similar financial position as last year.
Released under the federal First Nations Financial Transparency Act, the audited financial statements for the year ending March 31, 2016 include the Coquitlam band's financial position, balance sheet, program spending and salaries.
According to the statements, the Kwikwetlem's assets stood at $3.9 million, down from the $5.6 million reported the previous year, while its liabilities also decreased by about $1.3 million to $2.3 million.
Revenues were recorded at $4.3 million, a slight increase from the $3.7 million for 2015. Top revenue categories were the provincial government and BC Housing (about $1.1 million combined); Ottawa transferred about half as much as the $1.1 million it paid to the band last year.
A contract with Quantum Murray, an environmental and industrial services, brought in just over $1.1 million, up from $947,000 the previous year. Fireworks sales were also down slightly, bringing in about $39,800.
Expenses were down just about a third, with $6.3 million in costs coming from economic development ($2.5 million), band programs ($2 million), capital projects ($583,759) and community services ($406,711). Social services accounted for $121,397 and education was $91,750.
The overall deficit of $2 million was down from the previous year's $5.6 million.
Band members were set to receive a healthy cheque, with a note in the financial documents stating that on May 25, the band council — Chief Ron Giesbrecht and councillors Ed Hall and Fred Hulbert Sr. — approved a resolution to distribute $1.2 million to eligible band members as of April 9, 2016. If that includes all 82 members, they would receive $14,634.15 each.
Those council members also saw sizeable increases to their remuneration.
Giesbrecht, who made headlines in 2014 as one of the highest-paid chiefs in Canada because of a 10% bonus he reaped from the $8.2-million sale of the band's Burke Mountain lands to the provincial government, earned a $122,422 salary and recorded $18,580 in expenses. The previous year his pay was $113,167 in salary and bonuses.
Hall's pay was $65,409, while Hulbert's was $57,811.
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