Secretary-Treasurer

May 2026 Secretary-Treasurer Report

Aanin Boozhoo!
Greeting White Earth Members, I am honored to serve as the Secretary/Treasurer for the White Earth Tribal Council. This is my 2nd fiscal year 2026 quarterly report, ending March 31. Our fiscal year runs from Oct. 1, 2025, to Sept. 30, 2026.

Overview of the Tribe's Financial Position (Q2 Financial Report)
As of the close of Q2 FY2026, the Tribe remains in a strong and stable financial position, supported by robust enterprise performance and healthy fund balances across key governmental and programmatic accounts. Shooting Star Casino continues to provide a solid financial foundation, with total assets of $125.1 million, unrestricted cash of $66.4 million, and total fund equity of $115.1 million, reflecting strong liquidity and sustained asset growth. In addition, major Tribal funds—including Behavioral Health, Health, ARPA, and Youth & Elder Funds—
maintain adequate cash reserves to support ongoing operations and approved investments. Within the General Fund, $16.28 million has been expended
against the FY26 approved budget of $31.26 million, leaving $14.98 million available to support remaining FY26 operations and approved initiatives. Collectively, these results demonstrate sound financial management, sufficient liquidity, and the capacity to advance the Tribe’s strategic priorities while
maintaining long-term financial stability.

Shooting Star Casino- Financial Overview
As of March 31, Shooting Star Casino, Hotel & Event Center remains in a strong financial position. Total assets decreased by $10.2 million, reaching $125.1 million, driven primarily by a distribution of 10.6 million, to the tribal government. Unrestricted cash and cash equivalents declined by nearly $12.1 million, because of the distribution to the tribe and continued investment in remodeling of the casino.

Current assets decreased to $73.7 million, while net property and equipment grew by $673,000, reflecting ongoing capital investment and maintenance of facilities. On the liability side, total current liabilities decreased by $2.0 million, largely attributable to lower gaming-related accruals and accounts payable, reflecting normal operational activity and timing of expenses.

Fund equity remains strong at $115 million. While retained earnings decreased by $8.1 million during the quarter a result of the tribal distribution, overall equity levels remain robust and continue to support the Tribe’s long-term financial stability and strategic priorities.

• Unrestricted Cash & Equivalent
  March= $66.4M
  December= $78.5M
  Change= -$12.1M
• Total Current Assets
  March= $73.3M
  December= $84.5M
  Change= -$10.8M
  -Net Property & Equipment
  March= $51.4m
  December= $50.7M
  Change= +$0.7M
• Total Assets
  March= $125.1M
  December= $135.3M
  Change= -$10.2M
• Total Current Liabilities
  March= $10.1M
  December= $12.2M
  Change= -$2.1M
• Total Fund Equity
  March= $115.0M
  December= $123.0M
  Change= -$8.1M

Through the first half of the fiscal year, Shooting Star remains ahead of budgeted net income on revenues of over $54.5 million and net income of over $4.6 million.

*Total fund equity is the residual value of a company’s assets after all liabilities are deducted, representing the net worth belonging to shareholders. It is found on the balance sheet and calculated as Total Assets – Total Liabilities. This figure indicates the amount returned to owners if the company were liquidated.

Behavioral Health, Health, Youth & Elder, ARPA Funds Report
As of the close of Q2 FY2026, selected major funds continue to maintain stable cash positions sufficient to support ongoing operations and approved
expenditures. Cash balances remain strongest within the Behavioral Health Funds, reflecting the scale of services and funding streams supporting these activities.

The ARPA Fund reflects revenues exceeding expenses for the quarter, consistent with the planned and phased use of time-limited federal resources. Health Funds show expenses modestly exceeding revenues for the period, consistent with normal timing differences between expenditures and reimbursements. Youth & Elder (Y&E) Funds reflect smaller-scale activity with cash balances aligned to current operational needs.

Overall, these funds remain financially stable and continue to support the Tribe’s operational and strategic priorities.

• ARPA Fund
  Cash Balance= $3.22M
  Revenues= $4.48M
  Expenses= $1.26M
• Y&E Fund
  Cash Balance= $202,926
  Revenues= $248,977
  Expenses= $45,710
• Health Fund
  Cash Balance= $14.84M
  Revenues= $3.91M
  Expenses= $4.85M
• Behavioral Health fund
  Cash Balance= $55.75M
  Revenues= $17.55M
  Expenses= $21.40M

General Fund Overview
As of the close of Q2 FY2026, $16.28 million has been expended, leaving $14.98 million available to support remaining FY26 operations and approved initiatives.

• FY26 Approved Budget
  $31,260,421
• FY26 Cumulative Actuals
  $16,283,270
• Remaining Available
  $14,977,151

Waagigwan Mashkiki Financial Update 2nd Quarter Report
Consolidated revenue for Mahnomen, Moorhead, St. Cloud, Wholesale Sales, and all other sources of revenue for the 2nd Fiscal Quarter of FY2026, ending March 31, was $6.6 million. The consolidated total expenses for the Quarter were $4.0
million. Consolidated net income for the quarter was $2.6 million.

The total employees as of this quarter is 175 employees that range from Cultivation Technicians, Dispensary Technicians, Post Harvest Technicians,Security, Extraction Lab, Kitchen, Custodian, Maintenance. This also includes all Administration Staff.

• Q2 FY2026
  Mahnomen Dispensary
  Quarterly Revenue= $600,283
  Quarterly Expense= $460,905
  Quarterly Net Income= $139,378

Moorhead Dispensary
Quarterly Revenue= $3,645,945
Quarterly Expense= $1,388,861
Quarterly Net Income= $2,257,084

St.Cloud Dispensary
Quarterly Revenue= $1,732,145
Quarterly Expense= $962,441
Quarterly Net Income= $769,704

Chanhassen Dispensary
Quarterly Revenue= 0
Quarterly Expenses= $38,982
Quarterly Net Income= ($38,982)

East Grand Forks Dispensary
Quarterly Revenue= 0
Quarterly Expenses= $46,295
Quarterly Net Income= ($46,295)

Admin
Quarterly Wholesale Revenue= 4719,600
Quarterly Admin Expenses= $1,129,731
Quarterly Net Income= ($410,746)

Summary
Quarter Net Income= $2,670,760
Consolidated Cash Balance At Quarter End= $6,687,728

Upcoming General Election and Candidate Acknowledgement
I want to acknowledge and congratulate all candidates who have moved forward in the White Earth Nation upcoming general election scheduled for June 9. Putting one’s name forward to serve our people is a meaningful commitment, and I respect every individual who is willing to take on the responsibility of leadership on behalf of our Nation and our families, both on and off the reservation.

I have worked collaboratively with the entire Tribal Council to address complex challenges, strengthen financial stewardship, advance strategic initiatives, and respond decisively when our members needed leadership. I believe that progress is made when we work together with transparency, accountability, and respect for Tribal sovereignty. I respectfully ask that all Tribal members get out and vote and make your voice heard in this general election.

Miigwech,

Michael J. LaRoque
Secretary-Treasurer