(MCK Press Release) – The Mohawk Council of Kahnawà:ke (MCK) has finalized the 2017/18 fiscal year budget (April 1, 2017 to March 31, 2018). The new budget was approved unanimously by Chief and Council and is $51,761,407 including $11,079,059 going into various Appropriated Reserves.
For the first time in more than five (5) years, the MCK is projecting an operating surplus of $1.6 million, $1.1 million of it going toward secondary requests and strategic planning initiatives. Operating expenses grew at a stable 2% growth rate while top line revenue increased by 5% from 2016/17. Major factors in revenue growth are Mohawk Online (MOL) ($2 million) and the future payments from the Continent 8 (C8) sale ($1.6 million USD).
Other important points to consider about the 2017/18 budget:
“Managers are doing a great job controlling costs. Operating expenses are lower than revenues for the first time since I joined the MCK,” said Paul Rice, Executive Financial Officer.
“The MCK will continue to seek out new revenue streams to grow top line revenue for the Community. We’re satisfied the $25 million will not be used for basic MCK operations,” said Ietsénhaienhs Gina Deer, Economic Portfolio Chief. “With safe investments, the money will grow and be available for future developments if required.”
“We may appear to be playing it safe by putting the $25 million away, but if an opportunity arises to secure the financial future of the community by investing, we will act on it,” said Grand Chief Joseph Tokwiro Norton. “In the meantime, we’ll be earning income and building wealth for the community.”