2016-2020_Financial_Plan_Web

Glossary

Depreciation - Expiration in the service life of capital assets attributable to wear and tear, deterioration, exposure to elements, inadequacy, or obsolescence. It is also known as amortization.

Development Cost Charges (DCC) - Fees and charges contributed by developers to support development and growth in the City.

Expenditure - Costs incurred (whether paid or unpaid) for the purpose of acquiring an asset, service or settling a loss.

External Recoveries - Funds received from other organizations for services provided by the City and its departments.

Fiscal Year - A twelve-month period designated as the operating year for accounting and budgeting purposes in an organization.

Fund - A fiscal entity with segregated revenues and expenditures, and a specific purpose or activity.

GDP - Gross Domestic Product as provided by Statistics Canada.

Generally Accepted Accounting Principles (GAAP) - The standards, conventions, and rules prescribed for the recording of financial transactions and the preparation of financial statements.

Goal - A general, timeless statement of broad direction, purpose , or intent (see objective).

Grants - A contribution by a City or other organization to support a particular function, or endeavor. Grants can be either operational or capital.

Guidepost - See Goal.

GVRD - Greater Vancouver Regional District.

GVS&DD - Greater Vancouver Sewer & Drainage District.

GVTA - Greater Vancouver Transit Authority.

GVWD - Greater Vancouver Water District.

Infrastructure - Large-scale, physical assets required for the operation of a society (e.g., streets, water, sewer, public buildings, and parks).

2016-2020 FINANCIAL PLAN

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