City of Surrey 2017 - 2021 Financial Plan

Glossary

Department —The basic organizational unit of the City, which is functionally unique in its delivery of services.

Depreciation — Expiration in the service life of Capital Assets attributable to wear and tear, deterioration, exposure to elements, inadequacy, or obsolescence. It is also known as amortization.

Development Cost Charges (“DCC”) — Fees and charges contributed by developers to support development and growth in the City.

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.

GDP — Gross Domestic Product as provided by Statistics Canada.

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 ).

Grants — A contribution by a City or other organization to support a particular function, or endeavour. Grants can be either operational or capital.

Guidepost — See goal.

GVRD — Greater Vancouver Regional District.

GVS&DD — Greater Vancouver Sewer & Drainage District, an organization of member municipalities for the planning and delivery of sanitary sewer and drainage services.

GVTA — Greater Vancouver Transit Authority.

2017-2021 FINANCIAL PLAN

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