Mr. Speaker, it is very important to note that nothing in this bill adds to the existing reporting burden faced by first nations. Instead, this bill represents the minimum set of standards with respect to financial transparency, which are not currently being followed by many first nations.
We expect many first nations will adapt easily and, in fact, will go further than the basic requirements laid out in this bill. Many will take this as an opportunity to put into place their own practices, which aim to enhance the overall accountability of their government. In this way, this bill would serve as a catalyst for change in many communities, which would lead to greater confidence in many first nations governments.
Greater confidence and transparency result in increased opportunities for flexible multi-year agreements, which will come with streamlined reporting. Over time, as these practices become commonplace, first nations will be in a much stronger position to demonstrate that they are candidates for more flexible funding arrangements.