City of Surrey 2017 - 2021 Financial Plan

Glossary

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.

P3 — Public-Private Partnership.

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.

Riparian Corridor — The habitat immediately adjacent to a river, stream, lake or other natural body of water.

RCMP — Royal Canadian Mounted Police.

Revenue — Sources of income used by the City to finance its operations.

South Fraser Perimeter Road (“SFPR”) — Capital roads project undertaken by the City.

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.

Terrestrial Habitat — A place or environment on land.

Transfers To/From Own Sources — Amounts transferred to/from one fund to another fund or to/from deferred revenue or reserve accounts.

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.

2017-2021 FINANCIAL PLAN

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