2025-2029 Surrey Financial Plan

GLOSSARY

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. 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. Operating Revenues—Funds that the City receives as income to pay for its day-to-day operation, including taxes, fees from specific services, interest earnings, and grant revenues. Public-Private Partnership (“P3”)—Public-Private Partnership or P3, is a contractual arrangement between a public agency (federal, provincial or local) and a private sector entity. Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. In addition to the sharing of resources, each party shares in the risks and rewards potential in the delivery of the service and/or facility. Program—A group of related activities performed by one or more organizational units for the purpose of accomplishing a function for which the City is responsible. Program Revenue—Revenues earned by a program, including fees for services, license and permit fees, and fines. Public Sector Accounting Board (“PSAB”)—Sets accounting standards for the public sector. PSAB serves the public interests by setting standards and guidance with respect to the reporting of financial and other information. Revenue—Sources of income used by the City to finance its operations.

City of Surrey | 2025—2029 Financial Plan | Glossary

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