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Glossary
2017-2021 FINANCIAL PLAN
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.
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