Glossary of Terms

Financial Glossary of Terms

Capital Expenditure

Is the money a company spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. It is considered a capital expenditure when the asset is newly purchased or when money is used towards extending the useful life of an existing asset, such as repairing the roof.

Council Tax Precept

The Parish precept forms part of the Council Tax bill that you receive from Swindon Borough Council. This bill includes rates that you pay to Swindon Borough Council, Wroughton Parish Council, The Wiltshire Police force and Wiltshire Fire Brigade and is usually taken as a whole figure divided into 10 monthly instalments.

Covenant

In legal and financial terminology, a covenant is a promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out.

Budget

A budget is a spending plan based on income and expenses. An estimate of how much money you’ll make and spend over a certain period of time .

Budget Deficit

Is when spending exceeds income.

Budget Surplus

A budget surplus is a period when income or receipts exceed outlays or expenditures.

Government Grants

A government grant is a financial award given by the federal, state, or local government authority for a beneficial project of some sort.

Income

Money received in exchange for providing a good or service or through investing capital.

Indemnity Insurance

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.

Letter of Intent

A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another.

Liability of Insurance

Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people and/or property.

NNDR

National Non Domestic Rates also known as ‘Business Rates’.

Tender

To tender is to invite bids for a project or accept a formal offer such as a takeover bid. Tendering usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline.

Procurement

Procurement deals with the sourcing activities, negotiation and strategic selection of goods and services that are usually of importance to an organisation.

Revenue Expenditure

A revenue expenditure is a cost that is charged to expense as soon as the cost is incurred. By doing so, an organisation is using the matching principle to link the expense incurred to revenues generated in the same reporting period.

Sublease

A sublease is the renting of property by a tenant to a third party for a portion of the tenant’s existing lease contract.

Shortfall

A shortfall is an amount by which a financial obligation or liability exceeds the required amount of cash that is available.

Virements

The process of transferring items from one financial account to another.

Planning Glossary of Terms

AONB

An Area of Outstanding Natural Beauty is a designated Area where the primary purpose is the conservation and enhancement of natural beauty including flora, fauna, geology and landscape.

CIL

The Community Infrastructure Levy is a charge placed on certain developments which is paid by developers to provide necessary infrastructure for facilities and services. This may include schools or transport improvements which are needed to support new homes and businesses in the areas.

EIA

An Environmental Impact Assessment is a process evaluating the likely environmental impacts of a proposed project or development.

LDD

Local Development Documents – Under the new Planning system these comprise Development Plan Documents and Supplementary Planning Documents.

LDF

Local Development Framework  is the collective name for the suite of documents that sets out the Council’s Planning Policies and requirements.

LDS

Local Development Scheme is a three year timetable of all LDF documents to be produced. Reviewed at least annually, but also as local circumstances dictate. It is approved by the Secretary of State, who has the power to direct changes.

LPA

A Local Planning Authority is the local government body that is empowered by law to exercise urban planning functions for a particular area. They exist in the United Kingdom and the Republic of Ireland.

PDR

Permitted Development Rights allow householders to improve and extend their homes without the need to apply for planning permission where that would be out of proportion with the impact of works carried out.

S73

Section 73 of the Town and Country Planning Act 1990 ‘determination of applications to develop land without conditions previously attached’ permits application to remove planning conditions or to vary planning conditions following the grant of planning permission.

S106

Section 106 are legal agreements between Local Authorities and developers; these are linked to planning permissions and can also be known as planning obligations. This is used to mitigate the impact of new homes on the local community and infrastructure.

SSSI

Site of Special Scientific Interest is an area identified by Natural England or Countryside Council for Wales for protection by reason of the rarity of its nature conservation or wildlife features.

TPO

Tree Preservation Order – The Council has a duty under the planning acts to consider making TPO’s in the interest of local amenity. Orders may specify and protect individual specimens, groups of trees, or areas of woodland. A specific consent from the Council is required to fell or lop such trees. Trees growing in Conservation Areas have similar protection.

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