2025-2029 Surrey Financial Plan

GLOSSARY

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. Metro Vancouver Regional District (“GVRD”)—MVRD 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. Greater Vancouver Sewerage & 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 Water District (“GVWD”)—GVWD is an organization of member municipalities for planning and delivery of water services. 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 is 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.

City of Surrey | 2025—2029 Financial Plan | Glossary

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