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Largest Taxpayers <br /> The following table sets forth the top ten property taxpayers, based on secured assessed valuation. <br /> CITY OF BREA <br /> Top Ten Secured Property Taxpayers <br /> 1995-96 <br /> 1995-96 % of <br /> Taxpayer Assessed Valuation Total (') <br /> Corporate Property Investors $127,650,289 4.42% <br /> Beckman Instruments, Inc. 103,661,206 3.59 <br /> Union Oil Company of California 93,178,040 3.23 <br /> BA Properties, Inc. 55,718,826 1.93 <br /> Brea Community Hospital Corporation 44,044,524 1.53 <br /> Nordstrom Realty Inc. 42,323,773 1.47 <br /> Imperial Center East Limited Partners 37,300,000 1.29 <br /> U.S. Suzuki Motor Corp. 28,015,338 0.97 <br /> Olen Commercial Realty Corp. 26,637,293 0.92 <br /> Tomlinson & Sons 26,551,452 0.92 <br /> Source: California Municipal Statistics, Inc. <br /> (I) 1995-96 Local Secured Assessed Valuation: $2,884,932,960 <br /> Summary of Significant Accounting Policies <br /> Brea's financial statements have been prepared in conformity with generally accepted accounting <br /> principles (GAAP) as applied to government units. The Governmental Accounting Standards Board(GASB) <br /> is the accepted standard-setting body for establishing governmental accounting and financial reporting <br /> principles. <br /> City Budget <br /> The City follows these procedures in establishing the budgetary data reflected in the general purpose <br /> financial statements: <br /> 1. In May, the City Manager submits to the City Council a proposed operating budget for the <br /> fiscal year commencing July 1. The operating budget includes proposed expenditures and <br /> the means of financing them. <br /> 2. Public hearings are conducted at City Council meetings to obtain taxpayer comments. <br /> 3. During July the budget is adopted by Council action. <br /> B-11 <br />