JOSEPH CHAPMAN

Chief

ATAWNI HALL

Councillor

MELVYN HALL

Councillor

SONYA WILLIAMS

Councillor

SQ'EWLETS FIRST NATION FINANCIAL SUMMARY
Fiscal Year 2018-2019 (Ending March 31, 2019)

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DISCLAIMER: This financial summary was generated using artificial intelligence
based on publicly available audited financial statements and has been reviewed
by a human analyst. While care has been taken to ensure accuracy, users should
verify critical information against the original audited financial statements
prepared by Manning Elliott LLP.

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EXECUTIVE SUMMARY

Sq'ewlets First Nation generated total revenue of $5,003,926, up 131.7% from
$2,160,040 in the prior year, and achieved an annual surplus of $3,187,550,
representing a 1,616.4% increase from $182,721 in 2018. This revenue surge was
primarily driven by a $2,007,400 Government of Canada settlement, additional
First Nation Health Authority funding of $515,000, and new Ministry of Forestry
funding of $100,000. The Nation holds accumulated surplus of $8,086,382 and net
financial assets of $1,033,471, reversing a prior year net debt position of
$1,313,116. Cash position increased 27.0% to $487,739, while long-term debt
increased 10.6% to $1,214,793. Despite increased debt levels, the Nation's
financial position improved substantially with total expenditures declining 8.1%
to $1,816,376. Operating margin reached 63.7%, reflecting strong fiscal
management. The Nation's financial position has strengthened significantly with
substantial reserves and improved liquidity.

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FINANCIAL POSITION

Total Assets: $10,397,408
- Financial Assets: $3,344,497 (includes Cash: $487,739)
- Tangible Capital Assets: $6,993,104
- Property Under Development: $0

Total Liabilities: $2,311,026
- Long-term Debt: $1,214,793
- Accounts Payable: $615,453
- Deferred Revenue: $480,780

Net Financial Assets: $1,033,471 (up from net debt of $1,313,116 in prior year)
Accumulated Surplus: $8,086,382 (up 65.1% from prior year)

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REVENUE & OPERATIONS

Total Revenue: $5,003,926 (up 131.7% from prior year)

Major Revenue Sources:
- Government of Canada Settlement: $2,007,400 (40.1%)
- Indigenous Services Canada: $1,721,858 (34.4%)
- First Nation Health Authority: $515,000 (10.3%)
- Miscellaneous: $304,580 (6.1%)
- Province of British Columbia: $110,312 (2.2%)
- Ministry of Forestry: $100,000 (2.0%)
- Campground revenues: $87,913 (1.8%)
- Seabird Island First Nation: $81,372 (1.6%)
- Social Housing Fund: $74,851 (1.5%)
- Investment income: $640 (0.0%)

Total Expenditures: $1,816,376 (down 8.1% from prior year)

Major Program Expenditures:
- Band Programs: $787,659 (43.4%)
- Economic development: $516,745 (28.4%)
- Social development: $308,705 (17.0%)
- Social Housing Fund: $106,673 (5.9%)
- Community services: $37,304 (2.1%)
- Capital Fund: $32,735 (1.8%)
- Education: $26,555 (1.5%)

Annual Surplus: $3,187,550 (up 1,616.4% from prior year)
Operating Margin: 63.7%

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KEY FINANCIAL METRICS

- Financial Assets to Liabilities Ratio: 1.4:1
- Debt-to-Assets Ratio: 11.7%
- Self-Generated Revenue: 9.6% of total
- Cash Reserves: 3.2 months of operating expenses
- Business Entity Profits: Information not available for Squawkum Creek
Construction subsidiary

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CHIEF & COUNCIL REMUNERATION

Name Position Remuneration Expenses Total
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Andy Phillips Chief $8,250 $8,435 $16,685
John Williams Councillor $9,000 $1,000 $10,000
Melvyn Hall Councillor $8,250 $547 $8,797

Total Governance Compensation: $25,500 (0.5% of total revenue)

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Source: Audited consolidated financial statements, Manning Elliott LLP,
August 9, 2021