2026 - 2030 Surrey Financial Plan

GLOSSARY

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. Sinking Fund —A fund established for the purposes of reducing or retiring debt. The sinking funds of the MFA are assets held in trust for the retirement of MFA debt. Surrey Police Services — a modern municipal police agency serving Surrey, British Columbia to provide localized, community-based policing, focusing on safety, diversity and accountability through a municipal police board. This agency replaced RCMP and became the police of jurisdiction for Surrey as of November 29, 2024. Surrey City Development Corporation (“SCDC”) — A for–profit, wholly owned subsidiary of the City of Surrey, established in 2007 to act as a catalyst for urban economic, and community development. Surrey Provincial Operations Support Unit (“SPOSU”) — A temporary policing unit established in British Columbia, Canada, to support the Surrey Police Service during the phased transition from RCMP to municipal policing. Tax Levy —The total amount to be raised through general property taxes. Taxes— Compulsory charges levied by the City for the purpose of financing services performed for the common benefit of its citizens. TransLink— The Statutory authority responsible for the regional transportation network of the Metro Vancouver region including public transport, major roads and bridges. Triple Bottom Line (“TBL”) Accounting— While traditional accounting focuses on finding the least-cost solution in support of decision making, TBL requires that financial costs be balanced against social and environmental benefits and impacts, i.e., the full costs of a decision are considered. For example, when considering energy investments, the cost of investment into new infrastructure will be considered against long-term savings, reduced greenhouse gas and environmental impacts and access to lower cost energy for residents.

City of Surrey | 2026—2030 Financial Plan | Glossary

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