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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