First Nations / Micmacs of Gesgapegiag / 2024-2025
Audited consolidated financial statementsFY 2024-2025
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Statements as published · FY 2024-2025
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Consolidated Financial Position
FY 2024-2025 · PDF page 7
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| FINANCIAL ASSETS | ||
| Cash | 5,459,678 | 5,444,791 |
| Term deposits | 7,360,000 | 4,660,000 |
| Restricted cash and deposits (Note 4)n4 | 734,055 | 958,155 |
| Accounts receivable (Note 5)n5 | 2,771,535 | 2,309,417 |
| Due from government and other government organizations (Note 6)n6 | 7,601,248 | 6,233,031 |
| Inventory | 31,064 | 59,827 |
| Investments (Note 7)n7 | 33,434 | 33,434 |
| [total financial assets] | 23,991,014 | 19,698,655 |
| LIABILITIES | ||
| Accounts payable and accrued liabilities (Note 8)n8 | 4,247,356 | 4,701,390 |
| Deferred revenues (Note 9)n9 | 17,924,452 | 17,327,000 |
| Current portion of long-term debt (Note 10)n10 | 653,066 | 1,074,666 |
| Long-term debt (Note 10)n10 | 3,805,066 | 3,533,298 |
| Deferred contributions related to tangible capital assets (Note 11)n11 | 18,631,482 | 14,020,161 |
| Reserve funds | ||
| Replacement reserve (Note 12)n12 | 358,684 | 99,457 |
| Operating reserve (Note 13)n13 | 599,153 | 634,349 |
| [total liabilities] | 46,219,259 | 41,390,321 |
| NET DEBT | (22,228,245) | (21,691,666) |
| NON-FINANCIAL ASSETS | ||
| Prepaid expenses | 108,887 | 134,666 |
| Tangible capital assets (Note 14)n14 | 37,265,018 | 30,820,212 |
| [total non-financial assets] | 37,373,905 | 30,954,878 |
| ACCUMULATED SURPLUS (Note 15)n15 | 15,145,660 | 9,263,212 |
Consolidated Operations
FY 2024-2025 · PDF page 8
Rev − Exp = Surplus: matched
| Unaudited budget (note 25)(budget) | 2025 | 2024 | |
|---|---|---|---|
| Revenues | |||
| Federal government transfers | |||
| ISC Grant | 12,896,591 | 14,400,227 | 13,629,846 |
| ISC Fixed Contribution | 7,536,790 | 10,790,281 | 8,592,657 |
| ISC Set Contribution | 928,167 | 368,210 | 293,000 |
| ISC Flexible Contribution | 1,018,666 | 762,182 | 639,621 |
| ISC Block Contribution | 210,125 | 260,316 | 39,396 |
| Contribution receivable (payable) (Note 18)n18 | -⚑ | (71,276) | 253,881 |
| Correction of receivable, deferred revenues and unexpended funding of prior years | -⚑ | (451,727) | -⚑ |
| Health Canada | 68,613 | 210,000 | -⚑ |
| Solicitor General of Canada | 1,487,010 | 1,783,361 | 1,824,311 |
| Canadian Heritage | 249,600 | 258,000 | 272,800 |
| First Nations Education Council | 65,344 | 362,325 | 181,519 |
| Revenue Canada | 164,100 | 243,995 | 164,084 |
| Canada Mortgage and Housing Corporation | 285,000 | 618,873 | 1,677,127 |
| Canada Economic Development | -⚑ | 54,339 | 233,927 |
| Department of Fisheries and Oceans | 337,000 | 1,606,097 | 1,224,390 |
| Environment and Climate Change Canada | 250,000 | 269,720 | 401,400 |
| Library and Archives Canada | -⚑ | 20,605 | -⚑ |
| [subtotal federal government transfers] | 25,497,006 | 31,485,528 | 29,427,959 |
| Provincial government transfers | |||
| Ministre de la Sécurite publique | 3,611,285 | 3,440,622 | 935,855 |
| Ministre de la Culture et des Communications | 139,000 | 84,906 | 248,500 |
| Ministre des Forêts, de la Faune et des Parcs du Québec | 2,675,000 | 1,780,346 | 1,886,709 |
| Secrétariat aux Affaires autochtones | 133,500 | 1,220,500 | -⚑ |
| [subtotal provincial government transfers] | 6,558,785 | 6,526,374 | 3,071,064 |
| Other | |||
| First Nations Human Resources Development Commission of Quebec | -⚑ | 654,582 | 545,399 |
| Native Commercial Credit Corporation (SOCCA) | 15,000 | 250,000 | 1,298,788 |
| First Nations of Quebec and Labrador Health and Social Services Commission | 96,905 | 979,059 | 302,095 |
| Band contribution | -⚑ | -⚑ | 49,102 |
| Welfare injection | 6,290 | 43,313 | 16,339 |
| Gesgapegiag Human Resource Development Commission | 58,765 | 9,531 | 202,811 |
| Community services | -⚑ | 23,670 | 23,850 |
| Gain (loss) on disposal of tangible capital assets | -⚑ | (25,088) | 4,500 |
| Rental revenues | 284,734 | 871,611 | 788,217 |
| Administration revenues | 1,172,353 | 2,245,591 | 1,327,970 |
| Forestry sales | 1,740,000 | 577,494 | 1,247,630 |
| Lodging revenues | 120,000 | 113,947 | 154,126 |
| Gas, restaurant and rooms sales | -⚑ | 406,139 | 295,829 |
| Fisheries sales | 11,418,574 | 11,259,002 | 11,739,437 |
| Fishing leases | 800,541 | 879,387 | 828,996 |
| Other revenues | 442,751 | 2,864,334 | 992,653 |
| Deferred contribution related to tangible capital assets | -⚑ | (6,540,928) | (5,018,149) |
| Amortization of deferred contributions related to tangible capital assets | -⚑ | 1,931,833 | 1,727,409 |
| Deferred revenue from previous years | 1,123,803 | 17,327,000 | 12,547,329 |
| Less: Deferred revenue | -⚑ | (17,924,452) | (17,327,000) |
| [subtotal other] | 17,279,716 | 15,946,025 | 11,747,331 |
| [total revenues] | 49,335,507 | 53,957,927 | 44,246,354 |
| Expenses | |||
| Salaries and fringe benefits | 18,372,328 | 18,593,378 | 18,059,345 |
| Travel | 806,801 | 756,868 | 805,906 |
| Professional fees | 435,107 | 401,776 | 435,293 |
| Publicity and promotion | -⚑ | 175 | -⚑ |
| Material and equipment rental | 1,075,512 | 333,463 | 406,861 |
| Training and development | 1,532,374 | 101,979 | 529,354 |
| Fisheries purchases | 3,621,434 | 3,206,383 | 3,678,170 |
| Honoraria | 352,491 | 169,187 | 201,233 |
| Economics Stimulus Package | 1,440,000 | 1,440,000 | 1,348,000 |
| Contracted services | 7,188,150 | 12,541,562 | 10,688,959 |
| Membership fees | 4,699 | 5,400 | 9,445 |
| Materials and supplies | 3,231,932 | 2,723,037 | 3,142,559 |
| Office supplies and expenses | 111,870 | 93,967 | 82,641 |
| Repair and maintenance | 595,207 | 1,152,910 | 2,084,727 |
| Energy | 798,970 | 694,726 | 1,021,889 |
| Telecommunications | 89,817 | 72,440 | 74,593 |
| Insurance | 334,330 | 615,166 | 609,667 |
| Interest and bank charges | 48,577 | 60,539 | 290,897 |
| Interest on long-term debt | 257,147 | 178,293 | 180,959 |
| Doubtful accounts | -⚑ | 746,081 | 717,612 |
| Administration charges | 1,247,637 | 2,223,125 | 1,322,162 |
| Room and board and educational allowances | 344,626 | 510,958 | 409,887 |
| Business contributions | -⚑ | 9,000 | 11,000 |
| Contributions to community activities | 37,302 | 137,509 | 144,020 |
| Band contributions | 13,000 | 17,500 | 108,787 |
| Program aids | 385,503 | 570,733 | 369,261 |
| Medical fees | 283,319 | 313,294 | 315,077 |
| Tuition fees | 262,422 | 268,901 | 400,636 |
| Other | 32,634 | 67,147 | 31,849 |
| Basic needs | 1,364,430 | 1,170,325 | 1,446,564 |
| Special needs | 41,500 | 41,447 | 29,988 |
| Purchase of equipment | 4,846,362 | 2,728,157 | 2,137,675 |
| Welfare injection | 203,920 | 31,164 | 4,968 |
| Registration fees | 59,976 | 147,195 | 167,682 |
| Placements | 1,990,274 | 1,884,843 | 2,458,924 |
| Redevances on quota | -⚑ | 10,581 | -⚑ |
| Purchases for resale | -⚑ | 273,374 | 271,605 |
| Variation of gas inventory | -⚑ | 28,758 | (30,277) |
| Annual contribution - replacement reserve | -⚑ | 49,227 | 44,480 |
| Expenses capitalized to tangible capital assets | 27,500 | (9,160,023) | (10,052,160) |
| Amortization of tangible capital assets | -⚑ | 2,690,130 | 2,447,479 |
| [total expenses] | 51,437,151 | 47,900,675 | 46,407,717 |
| Excess (deficiency) of revenues over expenses | (2,101,644) | 6,057,252 | (2,161,363) |
Consolidated Changes in Net Debt
FY 2024-2025 · PDF page 12
| 2025 | 2024 | |
|---|---|---|
| Deficiency of revenues over expenses | 6,057,252 | (2,161,363) |
| Adjustment to prior years (Note 19)n19 | (174,804) | (9,714) |
| [subtotal] | 5,882,448 | (2,171,077) |
| Tangible capital assets | ||
| Acquisition of tangible capital assets | (9,160,023) | (10,073,550) |
| Disposal of tangible capital assets | -⚑ | 11,350 |
| Loss (gain) on disposal of tangible capital assets | 25,088 | (4,500) |
| Amortization of tangible capital assets | 2,690,130 | 2,447,479 |
| Total tangible capital assets | (6,444,805) | (7,619,221) |
| Use of prepaid expenses | 25,778 | 22,907 |
| Changes in net debt | (536,579) | (9,767,391) |
| Net debt, beginning of the year | (21,691,666) | (11,924,275) |
| Net debt, end of the year | (22,228,245) | (21,691,666) |
Consolidated Cash Flows
FY 2024-2025 · PDF page 13
| 2025 | 2024 | |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Excess (deficiency) of revenues over expenses | 6,057,252 | (2,161,363) |
| Non-cash items | ||
| Amortization of tangible capital assets | 2,690,130 | 2,447,479 |
| Adjustment of deferred contributions related to tangible capital assets from previous year | (20,602) | 20,069 |
| Amortization of deferred contributions related to tangible capital assets | (1,909,004) | (1,727,409) |
| Transfer to the replacement reserve fund for the year | 49,227 | 44,480 |
| Loss (gain) on disposal of tangible capital assets | 25,088 | (4,500) |
| [subtotal] | 6,892,091 | (1,381,244) |
| Net change in assets and liabilities | (1,632,377) | 6,391,955 |
| Cash flows from operating activities | 5,259,714 | 5,010,711 |
| CAPITAL ACTIVITIES | ||
| Acquisition of tangible capital assets | (9,160,023) | (10,073,550) |
| Disposal of tangible capital assets | -⚑ | 11,350 |
| Cash flows from capital activities | (9,160,023) | (10,062,200) |
| INVESTING ACTIVITIES | ||
| Restricted cash and deposits and cash flows from investing activities | 224,100 | (28,917) |
| FINANCING ACTIVITIES | ||
| Long-term loans | 431,251 | 1,495,226 |
| Repayment of long-term loans | (581,083) | (758,778) |
| Deferred contributions related to tangible capital assets | 6,540,928 | 5,018,149 |
| Cash flows from financing activities | 6,391,096 | 5,754,597 |
| Net increase in cash | 2,714,887 | 674,191 |
| Cash and cash equivalents, beginning of year | 10,104,791 | 9,430,600 |
| Cash and cash equivalents, end of year | 12,819,678 | 10,104,791 |
| CASH AND CASH EQUIVALENTS | ||
| Cash | 5,459,678 | 5,444,791 |
| Term deposits | 7,360,000 | 4,660,000 |
| [total cash and cash equivalents] | 12,819,678 | 10,104,791 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 13Consolidated Accumulated Surplus
| 2025 | 2024 | |
|---|---|---|
| Balance, beginning of year | ||
| Balance, as previously reported | 9,310,151 | 11,434,289 |
| Accounting changes (Note 2)n2 | (46,939) | -⚑ |
| Balance, as restated | 9,263,212 | 11,434,289 |
| Excess (deficiency) of revenues over expenses | 6,057,252 | (2,161,363) |
| [subtotal] | 15,320,464 | 9,272,926 |
| Adjustment to prior years (Note 19)n19 | 174,804 | 9,714 |
| Balance, end of year | 15,145,660 | 9,263,212 |
| 2025 | 2024 | |
|---|---|---|
| Reserve for the purchase of boats | 1,761,211 | 1,761,211 |
| Accumulated surplus | 13,384,449 | 7,502,001 |
| [total] | 15,145,660 | 9,263,212 |
Note 1SIGNIFICANT ACCOUNTING POLICIES (Continued)
| Periods | |
|---|---|
| Buildings | |
| Sanitation system | |
| Automotive equipment | |
| Material and equipment | |
| Roads | |
| Boat | |
Note 2RESTRICTED CASH AND DEPOSITS
Note 3ACCOUNTS RECEIVABLE
| 2025 | 2024 | |
|---|---|---|
| Accounts receivable | 4,489,645 | 3,255,956 |
| Rents receivable | 2,766,362 | 2,625,977 |
| Advances | 54,548 | 47,539 |
| Indirect taxes receivable | 143,882 | 319,961 |
| [subtotal] | 7,454,437 | 6,249,433 |
| Doubtful accounts | 4,682,902 | 3,940,016 |
| [total] | 2,771,535 | 2,309,417 |
Note 4DUE FROM GOVERNMENT AND OTHER GOVERNMENT ORGANIZATIONS
| 2025 | 2024 | |
|---|---|---|
| Federal government | ||
| Indigenous Services Canada (ISC) | 3,193,949 | 1,199,090 |
| Health Canada | (14,765) | (14,765) |
| C.M.H.C. | 225,385 | 13,232 |
| Department of Fisheries and Oceans | 905,702 | 1,145,456 |
| First Nations Education Council | 70,961 | 125,157 |
| Natural Resources Canada | -⚑ | 96,945 |
| Canada Economic Development | -⚑ | 70,271 |
| Department of Canadian Heritage | -⚑ | 78,291 |
| Environment and Climate Change Canada | 129,990 | 4,990 |
| 2025 | 2024 | |
|---|---|---|
| Provincial Government | ||
| Finance Québec | 1,000 | 1,000 |
| Ministre de l'Agriculture, des Pêcheries et de l'Alimentation | -⚑ | 194,656 |
| Ministre des Forêts, de la Faune et des Parcs du Québec | 100,019 | 1,398,294 |
| Secrétariat aux Affaires autochtones | 511,250 | 68,200 |
| Ministre de la Sécurité publique | 1,445,747 | 1,120,083 |
| Sûreté du Québec | 632,672 | 285,600 |
| Eastern Shores School Board | 890 | -⚑ |
| Ministre de la Culture et des Communications | 29,000 | 298,500 |
| Other | ||
| First Nations of Quebec and Labrador Health and Social Services Commission | 288,022 | 142,785 |
| First Nation Human Resources Development Commission of Quebec | 3,135 | 5,246 |
| Other | 78,291 | -⚑ |
| [total] | 7,601,248 | 6,233,031 |
Note 5INVESTMENTS
| 2025 | 2024 | |
|---|---|---|
| Mi'gmawei Mawiomi Resources L.P., government business partnership | ||
| Capital | 100 | 100 |
| Mi'gmawei Mawiomi Business Corporation inc., joint arrangement | ||
| 1 common share, 33% | 1 | 1 |
| Salaweg inc., joint arrangement | ||
| 50 common share, 33% | 33,333 | 33,333 |
| [total] | 33,434 | 33,434 |
Note 6ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| 2025 | 2024 | |
|---|---|---|
| Trade accounts | 2,580,203 | 3,044,390 |
| Salaries payable | 807,098 | 761,819 |
| Government remittances | 197,560 | 232,686 |
| Accrued interest | 13,156 | 13,156 |
| Account payable to Mi'gmawei Mawiomi Resources L. P., government business partnership, without interest | 649,339 | 649,339 |
| [total] | 4,247,356 | 4,701,390 |
Note 7DEFERRED REVENUES
| 2025 | 2024 | |
|---|---|---|
| Federal government | ||
| 110004 Q21G Mental wellness team (Listuguj) | 486,985 | -⚑ |
| 110007 Q21H Mental Well before Q3YZ Emergency Mgmt Ass. | 74,965 | -⚑ |
| 110035 Q233 AHHRI Training | 7,963 | -⚑ |
| 110026 Q02J Clinical and Client Care Other | 12,065 | -⚑ |
| 110029 Q210 Indigenous Early Learning and Child Care program | 220,905 | -⚑ |
| 110036 Q30W IHEF before Health plan | 210,484 | -⚑ |
| 110040 Q2FY JP - Programs coordination | 64,321 | 129,146 |
| 110041 JP - Programs Activities | 1,693,798 | 1,225,327 |
| 110059 Community Mobilization before Food Security | 108,132 | 139,882 |
| 110060 Social Service Child in Foster Allowance | 567,578 | 451,560 |
| 110065 Liaison Nurses | -⚑ | 18,191 |
| 110068 Anti Racism | -⚑ | 43,675 |
| 110090 Probation Officer (before 655700) | 25,497 | -⚑ |
| 110091 Q226 Tobacco | -⚑ | 13,417 |
| 212373 Q2C0 Operations - CFS | 1,565,708 | 1,472,559 |
| 212384 Q2BX CFS Maintenance - Enhanced Prevent | -⚑ | 521,116 |
| 212388 Q2C3 Prevention/Least Disruptive Measure | 3,500,783 | 2,655,089 |
| 212396 Post Majority care | 7,829 | -⚑ |
| Federal government | ||
| 212405 Q2C7 Representative Service | 629,846 | 425,168 |
| 212450 Healing for men | -⚑ | 45,613 |
| 302306 Q2AL Basic Needs | 25,523 | -⚑ |
| 302308 Q29W Social assitance for Employment | -⚑ | 220,916 |
| 309006 Q2AK Case management capacity | 39,455 | 62,680 |
| 309009 Q2AM Services delivery infra | 10,812 | 11,756 |
| 361013 NP1M New Paths Language & Culture | -⚑ | 9,013 |
| 361014 Postsecondary (PSPP) | 143,368 | 54,595 |
| 408190 Q40W Lands, membership and Estates | -⚑ | 13,816 |
| 408567 Q3OF Ecocenter | 41,379 | -⚑ |
| 408568 Q3OG Ecocenter O&M | 209,679 | -⚑ |
| 408595 Q3X8 Water System Rehabilitation | 635,495 | 685,264 |
| 408628 QA3N Main, Indian, Gitpu | 500,000 | -⚑ |
| 408746 Lentug Street Extension | 107,110 | -⚑ |
| 408748 Eagle Lane Resurface before Q3AX | 677,626 | -⚑ |
| 408779 Q3BT Solid Waste | -⚑ | 23,793 |
| 590102 Policing Equipment initiative 2022-2023 | 198,206 | 945,299 |
| 590103 Policing Infrastructure of the Community | 2,220,955 | 2,391,766 |
| 590104 Prevention of delinquency | 89,608 | 89,700 |
| 590105 Policing Services | 399,167 | -⚑ |
| 590110 Q3BN Training - Fire Protection | 15,599 | 15,599 |
| 590111 Mental Health and Homelessness | 248,000 | -⚑ |
| 2025 | 2024 | |
|---|---|---|
| 640001 Right Reconciliation Agreement | 419,879 | -⚑ |
| 641366 QZ9P Specific Claims Submission | 128,458 | 188,862 |
| 641846 Q32K Capacity Development | 64,468 | -⚑ |
| 650051 Daycare renovations | 173,362 | 32,332 |
| 708170 Tourism Initiative | 81,444 | 58,759 |
| 860023 Capacity Support | -⚑ | 1,088 |
| 873000 Native protected area project | -⚑ | 179,103 |
| 875000 Qualipu | 159,010 | -⚑ |
| 990001 Housing Inspection | -⚑ | 19,570 |
| 990003 Q3XJ New Houses | -⚑ | 7,396 |
| 990008 Rapid Housing Init. Phase 3 Sixplex 1 A-F Amu | -⚑ | 32,406 |
| Provincial government | ||
| 590109 Prevention liaison officer | -⚑ | 21,141 |
| 641013 Cultural & Language | 269,976 | 748,369 |
| 641014 Communication | -⚑ | 93,864 |
| 708199 Clean energy | 4,361 | 94,952 |
| Other | ||
| 656602 Surplus From the Grant/Education | 1,884,653 | 4,184,218 |
| [total] | 17,924,452 | 17,327,000 |
Note 8LONG-TERM DEBT
| 2025 | 2024 | |
|---|---|---|
| Bank of Montreal, secured by 4 housing units and by ISC, 5.98%, payable in monthly instalments of $2,286, capital and interest, maturing in May 2029 | 177,359 | 194,726 |
| Bank of Montreal, 5.20%, payable in monthly instalments of $1,735, plus interest, maturing in June 2025 | 5,204 | 27,755 |
| Bank of Montreal, secured by 1 quadruplex and by ISC, 6.04%, payable in monthly instalments of $1,712, capital and interest, maturing in July 2027 | 134,345 | 147,232 |
| Bank of Montreal, secured by duplexes and by ISC, 5.26%, payable in monthly instalments of $3,560, capital and interest, maturing in November 2028 | 292,809 | 321,800 |
| Native Commercial Credit Corporation, 7.66%, reimbursed during the year | -⚑ | 18,108 |
| Laurentian Bank, secured by a building with a net carrying amount of $6,278 as at March 31, 2025, 3.59%, payable in monthly instalments of $230, capital and interest, maturing in April 2027 | 5,616 | 7,958 |
| 2025 | 2024 | |
|---|---|---|
| Laurentian Bank, secured by a building with a net carrying amount of $4,955 as at March 31, 2025, 6.49%, payable in monthly instalments of $314, capital and interest, maturing in May 2028 | 23,213 | 25,381 |
| Native Commercial Credit Corporation, 7.66%, reimbursed during the year | -⚑ | 7,058 |
| Laurentian Bank, secured by a building with a net carrying amount of $19,015 as at March 31, 2025, 2.24%, payable in monthly instalments of $444, capital and interest, maturing in June 2026 | 17,198 | 21,771 |
| Native Commercial Credit Corporation, secured by a hypothec on the universality of property and a guarantee from 9252-9106 Quebec inc., subsidiary, 6.92%, payable in monthly instalments of $1,640, capital and interest, maturing in March 2029 | 117,858 | 128,873 |
| Canada Mortgage and Housing Corporation forgivable loan, without interest, forgiveness earned of $11,110 yearly, maturing in August 2027 | 26,848 | 37,958 |
| Canada Mortgage and Housing Corporation forgivable loan, without interest, forgiveness earned of $11,720 yearly, maturing in August 2027 | 28,322 | 40,042 |
| Native Commercial Credit Corporation, 6.35%, payable in monthly instalments of $9,326, capital and interest, maturing in March 2029 | 567,169 | 631,106 |
| Bank of Montreal, 6.49%, payable in monthly instalments of $1,792, capital and interest, maturing in July 2027 | 207,412 | 218,913 |
| Loan, secured by equipment with a net carrying amount of $117,233 as at March 31, 2025, 4,35%, payable in monthly instalments of $3,784, capital and interest, maturing in November 2027 | 112,697 | 166,508 |
| Loan, secured by equipment with a net carrying amount of $137,400 as at March 31, 2025, 4,35%, payable in monthly instalments of $4,334, capital and interest, maturing in July 2027 | 115,198 | 173,360 |
| Scotia Bank, 3.00%, payable in monthly instalments of $1,038, capital and interest, maturing in may 2029 | 53,332 | -⚑ |
| Scotia Bank, 10.15%, payable in monthly instalments of $1,484, capital and interest, maturing in November 2029 | 65,248 | 75,950 |
| Royal Bank, 9.99%, payable in monthly instalments of $1,694, capital and interest, maturing in November 2029 | 61,042 | 74,540 |
| 2025 | 2024 | |
|---|---|---|
| Bank of Montreal, prime rate plus 1.5% (8.2%), reimbursed during the year | -⚑ | 14,167 |
| Native Commercial Credit Corporation, 6,92%, payable in monthly instalments of $2,097 $, capital and interest, maturing in December 2028 | 82,884 | 101,595 |
| Caisse Desjardins, secured by automotive equipment with a net carrying amount of $56,172 as at March 31, 2025, 8,49%, payable in monthly instalments of $2,249, capital and interest, maturing in April 2027 | 51,369 | 72,993 |
| Project # 13, C.M.H.C., mortgage (19-072-495/002), authorized amount of $87,500, secured by 3 housing units and 1 duplex, 0.83%, payable in monthly instalments of $395, capital and interest, maturing in May 2025 | 789 | 5,500 |
| Project # 14, C.M.H.C., mortgage (19-072-495/003), authorized amount of $129,000, secured by 4 housing units, 0.98%, payable in monthly instalments of $583, capital and interest, maturing in March 2026 | 7,532 | 14,414 |
| Project # 15, C.M.H.C., mortgage (19-072-495/004), authorized amount of $187,395, secured by 5 housing units, 2,27%, payable in monthly instalments of $875, capital and interest, maturing in April 2027 | 21,347 | 31,244 |
| Project # 16, C.M.H.C., mortgage (19-072-495/005), authorized amount of $92,538, secured by 3 housing units, 3,81%, payable in monthly instalments of $442, capital and interest, maturing in February 2028 | 14,638 | 19,298 |
| Project # 17, C.M.H.C., mortgage (19-072-495/006), authorized amount of $62,000, secured by 2 duplexes, 0,69%, payable in monthly instalments of $254, capital and interest, maturing in June 2030 | 15,698 | 18,625 |
| Project # 17, C.M.H.C., mortgage (19-072-495/007), authorized amount of $65,000, secured by 2 duplexes, 0.69%, payable in monthly instalments of $266, capital and interest, maturing in June 2030 | 16,458 | 19,527 |
| Project # 18, C.M.H.C., mortgage (19-072-495/008), authorized amount of $253,800, secured by a sixplex, 1.57%, payable in monthly instalments of $1,127, capital and interest, maturing in December 2030 | 68,092 | 80,442 |
| 2025 | 2024 | |
|---|---|---|
| Project # 19, C.M.H.C., mortgage (19-072-495/009), authorized amount of $172,000, secured by 2 duplexes, 3.04%, payable in monthly instalments of $774, capital and interest, maturing in April 2032 | 59,178 | 66,564 |
| Project # 20, C.M.H.C., mortgage (19-072-495/010), authorized amount of $104,000, secured by 1 quadruplex, 3.74%, payable in monthly instalments of $495, capital and interest, maturing in May 2033 | 41,807 | 46,115 |
| Project # 21, C.M.H.C., mortgage (19-072-495/011), authorized amount of $120,600, secured by 1 duplex, 3,30 %, payable in monthly instalments of $572, capital and interest, maturing in September 2032 | 45,561 | 51,029 |
| Project # 22, C.M.H.C., mortgage (19-072-495/012), authorized amount of $189,500, secured by 1 quadruplex, 0.68%, payable in monthly instalments of $717, capital and interest, maturing in October 2035 | 87,778 | 95,752 |
| Project # 23, C.M.H.C., mortgage (19-072-495/013), authorized amount of $1,200,000, secured by 10 housing units, 2.27%, payable in monthly instalments of $5,073, capital and interest, maturing in March 2037 | 639,349 | 685,250 |
| Project # 24, C.M.H.C., mortgage (19-072-495/014), authorized amount of $104,000, secured by 1 housing unit, 2.27%, payable in monthly instalments of $440, capital and interest, maturing in March 2037 | 55,409 | 59,387 |
| Project # 25, C.M.H.C., mortgage (19-072-495/015), authorized amount of $255,149, secured by 1 duplex, 3.52%, payable in monthly instalments of $1,252, capital and interest, maturing in May 2043 | 201,902 | 209,740 |
| Project # 26, C.M.H.C., mortgage (19-072-495/016), authorized amount of $245,200, secured by 1 duplex, 4.49%, payable in monthly instalments of $1,356, capital and interest, maturing in October 2048 | 150,791 | 156,389 |
| Project # 27, C.M.H.C., mortgage (19-072-495/017), authorized amount of $122,600, secured by 1 housing unit, 3.58%, payable in monthly instalments of $617, capital and interest, maturing in January 2049 | 42,128 | 45,257 |
| Project # 28, C.M.H.C., mortgage (19-072-495/018), authorized amount of $154,000, secured by 1 housing unit, 4.49%, payable in monthly instalments of $851, capital and interest, maturing in October 2048 | 146,503 | 150,018 |
| 2025 | 2024 | |
|---|---|---|
| Project # 29, C.M.H.C., mortgage (19-072-495/019), authorized amount of $237,000, secured by 1 duplex, 4.49%, payable in monthly instalments of $1,493, capital and interest, maturing in October 2043 | 128,851 | 136,536 |
| Project # 30, C.M.H.C., mortgage (19-072-495/020), authorized amount of $273,000, secured by 1 duplex, 4.49%, payable in monthly instalments of $1,509, capital and interest, maturing in October 2048 | 202,851 | 209,083 |
| Project # 31, C.M.H.C., mortgage (26765297), authorized amount of $178,475, secured by 1 housing unit, 3.95%, payable in monthly instalments of $934, capital and interest, maturing in June 2049 | 175,247 | -⚑ |
| Project # 32, C.M.H.C., mortgage (26860817), authorized amount of $191,100, secured by 1 housing unit, 3.18%, payable in monthly instalments of $1,334, capital and interest, maturing in March 2040 | 191,100 | -⚑ |
| [subtotal] | 4,458,132 | 4,607,964 |
| Current portion | ||
| Subject to renewal | -⚑ | 516,526 |
| Other | 653,066 | 558,140 |
| [total current portion] | 653,066 | 1,074,666 |
| [total] | 3,805,066 | 3,533,298 |
Note 9DEFERRED CONTRIBUTIONS RELATED TO TANGIBLE CAPITAL ASSETS
| 2025 | 2024 | |
|---|---|---|
| Balance, beginning of year | 14,020,161 | 10,709,352 |
| ISC | ||
| 110000 Medical Transportation NIHB/MT | 52,929 | -⚑ |
| 212388 Q2C3 Prevention/Least Disruptive Measure | 190,943 | 46,903 |
| 408568 Q3OG Ecocenter O&M | 69,594 | -⚑ |
| 408595 Q3X8 Water System Rehabilitation | 49,769 | -⚑ |
| 408746 Lentug Street Extension | 797,137 | -⚑ |
| 408748 Eagle Lane Resurface before Q3AX | 698,835 | -⚑ |
| 408749 Q3X9 Gasgusi extension before Q3CD | 172,559 | 1,268,788 |
| 641072 NGD1 Capacity Building | -⚑ | 150,943 |
| 990024 Big house 2019 | 162,708 | -⚑ |
| 990043 Quadplex Usgewinugg & Elder's Unit | -⚑ | 218,359 |
| 990049 New Construction Nipugt | 425,213 | -⚑ |
| 2025 | 2024 | |
|---|---|---|
| Canada Economic Development | ||
| 708160 Rustic Camp ground | -⚑ | 226,643 |
| First Nations of Quebec and Labrador Health and Social Services Commission | ||
| 110029 Q210 Indigenous Early Learning and Child Care program | 300,605 | -⚑ |
| Department of Fisheries and Oceans | ||
| 860000 Mid-shore Fisheries | -⚑ | 735,000 |
| 860023 Capacity Support | -⚑ | 65,000 |
| 860035 New Vessel and repairs | -⚑ | 23,785 |
| 860052 Replace Anselwit | 128,180 | -⚑ |
| Secrétariat aux Affaires Autochtones | ||
| 708152 Expansion at the Cache | 1,024,720 | -⚑ |
| Solicitor General of Canada | ||
| 590102 Policing Equipments initiative 2022-2023 | 437,008 | 288,401 |
| 590103 Policing Infrastructure of the Community | 1,998,321 | 243,783 |
| C.M.H.C. - ISC | ||
| 990008 Rapid House Init. Phase 3 Sixplex 1 A-F Amu | 32,406 | 548,769 |
| 990009 Rapid Housing Init. Phase 3 - Duplex 26 AB Gasgusi | -⚑ | 277,725 |
| 990010 Rapid housing Init. Phase 3 - Duplex 28 AB Gasgusi | -⚑ | 277,725 |
| 990012 Rapid Housing Init. Phase 3 - Duplex 30 AB Gasgusi | -⚑ | 277,725 |
| Ministre des Forêts, de la Faune et des Parcs du Québec | ||
| 708152 Expansion at the Cache | -⚑ | 194,632 |
| 708199 Clean energy | -⚑ | 173,968 |
| Other - Contribution adjustment | (20,602) | 20,069 |
| Amortization (a) | (1,909,004) | (1,727,409) |
| Balance, end of year | 18,631,482 | 14,020,161 |
Note 10REPLACEMENT RESERVE FUND
| 2025 | 2024 | |
|---|---|---|
| Cash | 99,494 | 333,469 |
| Reserve fund | ||
| Balance, beginning of year | 99,457 | 54,977 |
| Adjustment due to matured units | ||
| Annual contribution - replacement reserve | 49,227 | 44,480 |
| Supplemental funding (note 19)n19 | 210,000 | -⚑ |
| Balance, end of year | 358,684 | 99,457 |
Note 11OPERATING RESERVE (Post-1996 Program)
| 2025 | 2024 | |
|---|---|---|
| Cash | 634,561 | 624,686 |
| Reserve fund | ||
| Balance, beginning of year | 634,349 | 624,635 |
| Adjustment requested by C.M.H.C. (Note 19)n19 | (35,196) | 9,714 |
| Balance, end of year | 599,153 | 634,349 |
| 2025 | 2024 | |
|---|---|---|
| Cash | 634,561 | 624,686 |
| Reserve fund | ||
| Balance, beginning of year | 634,349 | 624,635 |
| Adjustment requested by C.M.H.C. (Note 19)n19 | (35,196) | 9,714 |
| Balance, end of year | 599,153 | 634,349 |
Note 12TANGIBLE CAPITAL ASSETS
| Cost | Accumulated amortization(other) | Net carrying amount 2025(other) | Net carrying amount 2024(other) | |
|---|---|---|---|---|
| Land | 380,586 | -⚑ | 380,586 | 380,586 |
| Buildings | 31,241,047 | 17,180,299 | 14,060,748 | 14,474,819 |
| Sanitation system | 7,470,417 | 6,885,389 | 585,028 | 656,064 |
| Automotive equipment | 5,105,365 | 3,492,270 | 1,613,095 | 1,422,904 |
| Material and equipment | 5,804,030 | 3,704,153 | 2,099,877 | 2,216,250 |
| Roads | 5,531,330 | 622,950 | 4,908,380 | 3,424,458 |
| Gravel pit | 100,000 | -⚑ | 100,000 | 100,000 |
| Boat | 5,001,087 | 715,779 | 4,285,308 | 4,104,247 |
| Building in construction | 9,231,996 | -⚑ | 9,231,996 | 4,040,884 |
| [total] | 69,865,858 | 32,600,840 | 37,265,018 | 30,820,212 |
Note 14BANK LOANS
| 2025 | 2024 | |
|---|---|---|
| The bank loan, for an authorized amount of $1,000,000, bears interest at prime rate plus 1.5% (6.45%; 8.70% as at March 31, 2024) and is renegotiable annually. | ||
Note 15CONTRIBUTION RECEIVABLE (PAYABLE)
| 2025 | 2024 | |
|---|---|---|
| Federal government | ||
| 110000 Medical Transportation NIHB/MT | 9,163 | -⚑ |
| 212383 Q2BY CFS Maintenance - Enhanced Prevent | (51,004) | 51,004 |
| 212450 Healing for men | (29,435) | -⚑ |
| 408779 Q3BT Solid Waste | -⚑ | 202,877 |
| [total] | (71,276) | 253,881 |
Note 16ADJUSTMENT TO PRIOR YEARS
| 2025 | 2024 | |
|---|---|---|
| Micmacs Housing Corporation | ||
| Adjustment to operating reserve | (35,196) | 9,714 |
| Adjustment to replacement reserve | 210,000 | -⚑ |
| [total] | 174,804 | 9,714 |
Note 17FINANCIAL RISKS
| 2025 | 2024 | |
|---|---|---|
| Cash | 5,459,678 | 5,444,791 |
| Term deposits | 7,360,000 | 4,660,000 |
| Restricted cash and deposits | 734,055 | 958,155 |
| Accounts receivable | 4,489,645 | 3,255,956 |
| Rents receivable | 2,766,362 | 2,625,977 |
| Advances | 54,548 | 47,539 |
| Government transfers receivable | 7,601,248 | 6,233,031 |
| [total] | 28,465,536 | 23,225,449 |
| Less than 6 months | 6 months to 1 year(other) | 1 to 5 years(other) | More than 5 years(other) | |
|---|---|---|---|---|
| Accounts payables and accrued liabilities | 4,247,356 | -⚑ | -⚑ | -⚑ |
| Long-term debt | 368,125 | 340,349 | 2,511,802 | 2,284,126 |
| [total] | 4,615,481 | 340,349 | 2,511,802 | 2,284,126 |
Note 18TRUST FUNDS HELD BY ISC
| March 31, 2024 | Addition 2025(other) | Withdrawals 2025(other) | March 31, 2025(other) | |
|---|---|---|---|---|
| Revenue | 48,498 | 1,687 | -⚑ | 50,185 |
| Capital | 647 | -⚑ | -⚑ | 647 |
| [total] | 49,145 | 1,687 | -⚑ | 50,832 |
Note 19SEGMENT DISCLOSURES
| Health Unaudited Budget 2025(budget) | Health 2025 | Health 2024 | Social Services Unaudited Budget 2025(budget) | Social Services 2025(other) | Social Services 2024(other) | Education Unaudited Budget 2025(budget) | Education 2025(other) | Education 2024(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Revenues | |||||||||
| Federal government transfers | 3,167,980 | 3,933,747 | 3,994,718 | 7,641,490 | 7,686,279 | 8,181,527 | 7,914,522 | 8,026,684 | 7,609,337 |
| Provincial government transfers | 77,314 | 110,195 | 106,329 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ |
| Other revenues | 68,580 | (978,514) | (410,158) | -⚑ | (297,810) | (1,896,483) | -⚑ | (186,133) | 194,475 |
| Total Revenues | 3,313,874 | 3,065,428 | 3,690,889 | 7,641,490 | 7,388,469 | 6,285,044 | 7,914,522 | 7,840,551 | 7,803,812 |
| Expenses | |||||||||
| Salaries and fringe benefits | 1,686,407 | 1,626,403 | 1,383,869 | 2,257,728 | 2,270,340 | 1,908,438 | 3,114,376 | 2,534,014 | 2,379,087 |
| Amortization | |||||||||
| Other expenses | 1,627,499 | 1,335,893 | 1,561,625 | 5,038,341 | 4,764,236 | 4,774,932 | 4,115,904 | 3,950,714 | 2,978,389 |
| Total expenses | 3,313,906 | 2,962,296 | 2,945,494 | 7,296,069 | 7,034,576 | 6,683,370 | 7,230,280 | 6,484,728 | 5,357,476 |
| Transfers between programs | -⚑ | (71,529) | (776,998) | -⚑ | (93,421) | 177,108 | -⚑ | (1,355,823) | (2,446,336) |
| Excess (deficiency) of revenues over expenses | (32) | 31,603 | (31,603) | 345,421 | 260,472 | (221,218) | 684,242 | -⚑ | -⚑ |
| Public Works Unaudited Budget 2025(budget) | Public Works 2025 | Public Works 2024 | Public Security Unaudited Budget 2025(budget) | Public Security 2025(other) | Public Security 2024(other) | Band Support Unaudited Budget 2025(budget) | Band Support 2025(other) | Band Support 2024(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Revenues | |||||||||
| Federal government transfers | 2,925,372 | 4,848,585 | 2,240,657 | 1,487,010 | 1,783,361 | 1,824,311 | 1,134,674 | 2,164,502 | 1,476,113 |
| Provincial government transfers | -⚑ | -⚑ | -⚑ | 3,533,971 | 3,330,427 | 829,525 | 1,639,000 | 1,584,906 | 1,498,500 |
| Other revenues | 37,555 | (2,963,774) | 180,877 | 963,677 | (2,329,369) | (893,289) | 3,102,374 | 9,087,003 | 1,297,765 |
| Total Revenues | 2,962,927 | 1,884,811 | 2,421,534 | 5,984,658 | 2,784,419 | 1,760,547 | 5,876,048 | 12,836,411 | 4,272,378 |
| Expenses | |||||||||
| Salaries and fringe benefits | 753,673 | 666,605 | 1,052,656 | 1,544,757 | 1,883,155 | 1,818,738 | 2,998,150 | 3,729,939 | 3,231,739 |
| Amortization | |||||||||
| Other expenses | 2,800,295 | 1,669,879 | 1,200,207 | 5,308,767 | 975,609 | 570,329 | 3,623,375 | 3,954,472 | 4,049,668 |
| Total expenses | 3,553,968 | 2,336,484 | 2,252,863 | 6,853,524 | 2,858,764 | 2,389,067 | 6,621,525 | 7,684,411 | 7,281,407 |
| Transfers between programs | 457,883 | (123,799) | -⚑ | -⚑ | 74,345 | 624,409 | 200,000 | 1,520,977 | 1,731,148 |
| Excess (deficiency) of revenues over expenses | (591,041) | 6,210 | 44,872 | (868,866) | -⚑ | (4,111) | (545,477) | 6,672,977 | (1,277,881) |
| Economic Development Unaudited Budget 2025(budget) | Economic Development 2025 | Economic Development 2024 | Commercial Unaudited Budget 2025(budget) | Commercial 2025(other) | Commercial 2024(other) | Capital Housing Unaudited Budget 2025(budget) | Capital Housing 2025(other) | Capital Housing 2024(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Revenues | |||||||||
| Federal government transfers | 157,000 | 231,773 | 365,586 | 454,000 | 967,863 | 1,460,890 | 614,958 | 1,842,734 | 2,274,820 |
| Provincial government transfers | 133,500 | 1,361,432 | 348,715 | 1,175,000 | 139,414 | 287,995 | -⚑ | -⚑ | -⚑ |
| Other revenues | 180,256 | (780,545) | 20,162 | 12,987,274 | 12,153,497 | 12,488,570 | -⚑ | 2,241,670 | 765,412 |
| Total Revenues | 470,756 | 812,660 | 734,463 | 14,616,274 | 13,260,774 | 14,237,455 | 614,958 | 4,084,404 | 3,040,232 |
| Expenses | |||||||||
| Salaries and fringe benefits | 407,000 | 392,829 | 788,628 | 5,145,059 | 4,651,917 | 4,870,334 | 465,179 | 838,167 | 625,856 |
| Amortization | -⚑ | -⚑ | -⚑ | -⚑ | 59,277 | 59,277 | -⚑ | 2,630,853 | 2,388,202 |
| Other expenses | 192,156 | 548,802 | 393,565 | 8,431,748 | 7,928,700 | 8,457,502 | 1,926,738 | 1,488,871 | 1,914,676 |
| Total expenses | 599,156 | 941,631 | 1,182,193 | 13,576,807 | 12,639,894 | 13,387,113 | 2,391,917 | 4,957,891 | 4,928,734 |
| Transfers between programs | 94,993 | 215,516 | -⚑ | (200,000) | (1,432,593) | (1,054,942) | -⚑ | 805,168 | 1,653,894 |
| Excess (deficiency) of revenues over expenses | (128,400) | (33,978) | (232,214) | 839,467 | (811,713) | (204,600) | (1,776,959) | (68,319) | (234,608) |
| Total Unaudited Budget 2025(budget) | Total 2025 | Total 2024 | |
|---|---|---|---|
| Revenues | |||
| Federal government transfers | 25,497,006 | 31,485,528 | 29,427,959 |
| Provincial government transfers | 6,558,785 | 6,526,374 | 3,071,064 |
| Other revenues | 17,339,716 | 15,946,025 | 11,747,331 |
| Total Revenues | 49,395,507 | 53,957,927 | 44,246,354 |
| Expenses | |||
| Salaries and fringe benefits | 18,372,328 | 18,593,378 | 18,059,345 |
| Amortization | -⚑ | 2,690,130 | 2,447,479 |
| Other expenses | 33,064,823 | 26,617,167 | 25,900,893 |
| Total expenses | 51,437,151 | 47,900,675 | 46,407,717 |
| Transfers between programs | |||
| Excess (deficiency) of revenues over expenses | (2,041,644) | 6,057,252 | (2,161,363) |