Six Nations Elected Council (SNEC) is facing a smaller deficit than expected in its latest financial projection for the fiscal year of 2023.

Jennifer Court, director of Financial Reporting and Analysis for Six Nations, gave the budget presentation to full council on Nov. 21.

Court detailed the revenues and expenses for SNEC compared to their budget that was drawn up for the 2023 fiscal year. She explained that revenue recognition was based on expenses that were incurred and that SNEC had earned the revenue. She did clarified that some programs are more budget heavy at different times of the year, and that sometimes expenses will differ from projections due to those circumstances.

The SNEC year to date revenue from operations was $53,832,002, meanwhile expenses from operations was $54,915,159, leaving SNEC operating under a deficit budget of $1,083,156 which came in well below the projected deficit of $3,683,917.

Court then talked about the revenues gained from the Ontario First Nations Limited Partnership (OFNLP) and the Brantford Casino. Revenue from OFNLP was $10,992,165 and the Brantford Casino was $2,443,453. She mentioned that most of the revenue from OFNLP had been recognized, and that revenue dollars would likely not go up from those numbers. Instead, revenues would only be rising from the monthly payout from the Brantford Casino.

SNEC was well within projections regarding deficits and exceeded revenue projections in some areas. The net result for Q2 was a surplus of $7,465,555 compared to the budgeted projection of $4,395,190.

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