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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 BUENA PARK <br /> Top Ten Secured Property Taxpayers <br /> 1995-96 <br /> 1995-96 % of <br /> Taxpayer Assessed Valuation Total (t) <br /> Knotts Berry Farm $138,744,704 4.11% <br /> Jim Dandy Markets 60,440,519 1.79 <br /> J.C. Penney Properties, Inc. 49,338,985 1.46 <br /> Nutrilite Products, Inc. 49,298,744 1.46 <br /> Nabisco, Inc. 45,889,874 1.36 <br /> Sunrise Buena Park 43,451,379 1.29 <br /> Kraft, Inc. 33,952,655 1.01 <br /> Sequoia Management 23,201,350 0.69 <br /> Teachers Insurance & Annuity Association 22,576,764 0.67 <br /> Yamaha International Corp. 21,137,037 0.63 <br /> Source: California Municipal Statistics, Inc. <br /> (0 1995-96 Local Secured Assessed Valuation: $3,376,137,399 <br /> Summary of Significant Accounting Policies <br /> Buena Park's financial statements have been prepared in conformity with generally accepted <br /> accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards <br /> Board(GASB) is the accepted standard-setting body for establishing governmental accounting and financial <br /> reporting 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 June, the budget is adopted by Council action. <br /> B-23 <br />