Dictionary of Procurement Terms

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Search Results: 1-4 of 4 results for “Surplus”

  • Budget Surplus

    An excess of government revenues over government expenditures in a given time period. (Schiller, 2000)

  • Labor Surplus Area

    A civil jurisdiction that has a civilian average annual unemployment rate during the previous two calendar years of 20 percent or more above the average annual civilian unemployment rate for all states (including Puerto Rico) during the same 24-month reference period. The Administrator for Federal Procurement Policy uses the LSA list to identify where procurement set asides should be emphasized to strengthen our nation's economy; The Small Business Administration uses the LSA list for bid selections for small business awards in Historically Underutilized Business Zones (HUBZones). (United States Department of Labor, Employment and Training Administration, Office of Adult Services, Labor Surplus Area online)

  • Surplus

    1. Results in an overstock situation when the quantity of goods on hand exceeds the quantity of goods needed. The overstocked goods may be returned to the supplier, sold at auction, or disposed of in a method acceptable to the entity. 2. Refers to goods or materials that are obsolete or no longer needed by the agency and are designated for disposal. Surplus becomes available for disposal outside of the entity because of some unforeseen situation that affects the use of the item. An example would be chairs or desks that have been replaced with new items.

    See Also: Obsolete Supplies/Equipment

  • Trade Surplus

    The amount by which the value of exports exceeds the value of imports in a given time period. (Schiller, 2000)

    See Also: Trade Deficit