2016-2020_Financial_Plan_Web

CITY OF SURREY GLOSSARY

Activity - Departmental efforts that contribute to the achievement of a specific set of program objectives; the smallest unit of the program budget.

Annualize - Taking changes that occurred mid-year and calculating their cost for a full year, for the purpose of preparing an annual budget.

Appropriated Surplus – Funds set aside for a non-statutory specific purpose.

Appropriation - A legal authorization to incur obligations and to make expenditures for specific purposes.

Assessed Value - The value that is attributed to real estate and certain personal property by the Assessor as a basis for levying property taxes.

Assessment Ratio - The ratio at which the tax rate is applied to the assessment base.

Assets - Resources owned or held by the City that have monetary value.

BC Assessment Authority (BCAA) - The organization that is responsible for assessing property values in British Columbia.

Balanced Budget - A budget in which budgeted revenues are equal to budgeted expenditures, thus neither a budget deficit nor a budget surplus exists.

Bonds - A certificate evidencing a debt on which the issuer promises to pay the holder a specified amount of interest based on the coupon rate, for a specified length of time, and to repay the loan on its maturity. Assets are pledged as security for a bond issue, except in the case of government bonds.

Budget - A plan of financial operations embodying an estimate of proposed expenditures for a given period and the proposed means of financing them.

Biodiversity - The degree of variation of life forms within a given area.

Build Surrey - A program that consist of a series of large-scale capital projects across the City to accommodate business development and population growth.

Business Improvement Area (BIA) - A specific area within which businesses pay fees to fund improvements in commercial business potential.

Canadian Union of Public Employees (CUPE) - Union representing the City's unionized staff.

2016-2020 FINANCIAL PLAN

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