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Largest Taxpayers <br /> The following table sets forth the top ten property taxpayers, based on secured assessed <br /> valuation. <br /> CITY OF GARDEN GROVE <br /> Top Ten Secured Property Taxpayers <br /> 1995-96 <br /> 1995-96 % of <br /> Taxpayer Assessed Valuation Total ttl <br /> Gateway Properties $ 50,107,288 0.92% <br /> Fujita Corporation USA 41,255,709 0.76 <br /> American Medical International, Inc. 36,382,968 0.67 <br /> Swedlow, Inc. 35,672,991 0.66 <br /> Alps Electric (USA) Inc. 31,101,521 0.57 <br /> Hughes & Lyon Garden Grove Associates 30,184,515 0.56 <br /> Stanford Realty Group 17,940,915 0.33 <br /> TRA-TEL Centers 14,817,056 0.27 <br /> Shih-Yuan Chen 13,667,122 0.25 <br /> Sunbelt Stores, Inc. 12,675,231 0.23 <br /> Source: California Municipal Statistics, Inc. <br /> io 1995-96 Local Secured Assessed Valuation: $5,418,100,960 <br /> Summary of Significant Accounting Policies <br /> Garden Grove's accounting records for general government operations are maintained on the <br /> modified accrual basis, with revenues being recorded when available and measurable, and expenditures <br /> being recorded when the services or goods are received and the fund liabilities are incurred. Accounting <br /> records for Garden Grove's Proprietary Funds are maintained on the accrual basis. Under the accrual <br /> basis, revenues are recognized when earned, and expenses are recognized when incurred. <br /> In developing Garden Grove's accounting system, consideration is given to the adequacy of <br /> internal accounting controls. Internal accounting controls are designed to provide reasonable, but not <br /> absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or <br /> disposition; and (2) the reliability of financial records for preparing financial statements and maintaining <br /> accountability for assets. The concept for reasonable assurance recognizes that: (1) the cost of control <br /> should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires <br /> estimates and judgments by management. <br /> All internal control evaluations occur within the above framework. Garden Grove's internal <br /> accounting controls are designed to adequately safeguard assets and provide reasonable assurance of <br /> proper recording of financial transactions. <br /> Budgetary control is maintained at the program level. Encumbrances of estimated purchase <br /> amounts are made prior to the release of purchase orders to vendors. Open encumbrances are reported <br /> as reservations of fund balance at June 30, 1995. <br /> B-45 <br />