Fort McKay First Nation suspends rebates as oilsands profits dip – Fort McMurray Today
Low profits have forced the Fort McKay First Nation to cancel their expected dividends until the band can dig itself out of debt.
Since 2001, band members have received a share of the band’s profits from its business activities in the oilsands. The payments, known as a Per Capita Distribution, known as a PCD, have ranged from $500 to $10,000.
However, the First Nation’s leadership says low oilsands profits and a need to expand infrastructure left the band with a $13 million shortfall at the start of 2014 and cannot afford the PCDs, which were expected this summer.
“We knew last year that going into this year would be tight and that information was relayed to our membership through our quarterly general meetings,” says Dayle Hyde, a spokesperson for the First Nation. “Some of our businesses took a tumble we weren’t expecting, so the amount of revenue we were expecting decreased.”
