City of Surrey's 2024-2028 Financial Plan

GLOSSARY

Gross Domestic Product (“GDP”)—GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country. GDP data was provided by Statistics Canada. Infrastructure—Large-scale, physical assets required for the operation of a society (i.e., streets, water, sewer, public buildings, and parks). Internal Services Recovered—Recovery from one department to another for services rendered, such as data processing or insurance funded from a control pool. See internal services used. Internal Services Used—Charge from one department to another for services rendered. See internal services recovered. Long Term Capital Plan (“LTCP”)—LTCP is the process of budgeting resources for the future of the City of Surrey’s various long term plans. Levy—To impose taxes to fund City services. Long-term Debt—Debt with a maturity of more than one year after the date of issuance. Materials and Supplies—Expendable goods necessary to conduct departmental operations. Metro Vancouver Regional District (“MVRD”)—Formally the Greater Vancouver Regional District, see the glossary definition for Greater Vancouver Regional District (GVRD). Neighbourhood Concept Plan (“NCP”)—Part of the City's Official Community Plan, and is a conceptual framework for proposed development of a neighborhood. It identifies a pattern of land uses, densities, services and infrastructure. Objective—Something to be accomplished in specific, well-defined, and measurable terms and that is achievable within a specific time frame. See goal. Obligations—Amounts that the City may be legally required to pay. They include not only actual liabilities, but also encumbrances. Official Community Plan (“OCP”)—The City’s primary and governing document under Bylaw, 2013, No. 18020, that outlines the community’s objectives and the corresponding policies and maps to guide decisions on planning, land use management, and development within the area covered by the plan (usually an entire municipality or parts of a regional district). Operating Expenditures—The cost of personnel, materials and equipment associated with the City’s day-to-day operation.

City of Surrey | 2024—2028 Financial Plan | Glossary

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