City of Surrey's 2024-2028 Financial Plan

GLOSSARY

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. 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). Government Finance Officers Association (“GFOA”)—GFOA founded in 1906, represents public finance officials through the United States and Canada. Grants—A contribution by a City or other organization to support a particular function, or endeavour. Grants can be either operational or capital. Greater Vancouver Regional District (“GVRD”)—GVRD represents a federation of 21 municipalities, one Electoral Area and one Treaty First Nation that collaboratively plans for and delivers regional-scale services. Its core services are drinking water, wastewater treatment and solid waste management. They also regulate air quality, plan for urban growth, manage a regional park system and provide for affordable housing. The regional district is governed by a Board of Directors of elected officials from each local authority. As of 2017, the GVRD officially changed their name to Metro Vancouver Reginal District (MVRD). Greater Vancouver Sewer & Drainage District (“GVS&DD”)—GVS & DD is an organization of member municipalities for the planning and delivery of sanitary sewer and drainage services. Greater Vancouver Transit Authority (“GVTA”)—GVTA is the preceding agency to TransLink, who is the statutory authority responsible for the regional transportation network of Metro Vancouver, including public transport, major roads and bridges. Greater Vancouver Water District (“GVWD”)—GVWD is an organization of member municipalities for planning and delivery of water services.

City of Surrey | 2024—2028 Financial Plan | Glossary

411