HISTORIC Revenue Sharing Agreement announced
The BC First Nations Gaming Revenue Sharing Limited Partnership has been formed as part of an historic agreement announced as part of the February 19, 2019 BC provincial budget. This agreement will redirect a portion of net provincial gaming revenues to BC First Nation communities.
The agreement was negotiated by the First Nations Gaming Commission under the authority of the First Nations Leadership Council, as mandated through resolutions passed by the BC Assembly of First Nations, the First Nations Summit, and the Union of BC Indian Chiefs.
The new limited partnership will be responsible for receiving, managing, distributing and reporting on the funds that will flow to BC First Nations as a result of the agreement. The Interim BC Revenue Sharing and Financial Agreement was signed on August 2, 2019 and provides for the transfer of the first 2 years of payments to eligible BC First Nations. The long-term revenue sharing agreement will provide for a further 23 years of gaming revenue sharing. The Province and the First Nations Gaming Commission are working together to introduce legislative amendments to the Gaming Control Act in fall 2019 which, coupled with the long-term agreement, should provide BC First Nations the certainty of a long-term 25-year gaming revenue sharing agreement.
The current interim agreement has a 2 year term covering gaming revenue sharing, while the Province and First Nations work on finalizing the 25 year agreement.
7% of net gaming revenues will go to BC First Nation communities, estimated at $200 million over the first 2 years of the agreement.
A limited partnership of BC First Nations has been created to receive, manage, distribute, and report on the funds.
The limited partnership signed the revenue sharing agreement with British Columbia on August 2, 2019.
Funds can be invested in one or more of the following 6 categories:
Health and wellness
Infrastructure, safety, transportation and housing
Economic and business development
Education, language, culture and training
Community development and environmental protection
Capacity-building, fiscal management, and governance
Funds will be distributed to participating BC First Nation communities in accordance with the distribution formula:
50% base funding (divided equally among partnered and eligible BC First Nations)
40% based on registered population
10% for geographically remote communities
Eligible BC First Nations include:
Treaty First Nations
Self Governing First Nations Established by Statute