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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 SANTA ANA <br /> Top Ten Secured Property Taxpayers <br /> 1995-96 <br /> 1995-96 % of <br /> Taxpayer Assessed Valuation Total t'I <br /> Santa Ana Venture $148,677,183 1.56% <br /> Freedom Newspapers, Inc. 85,641,441 0.90 <br /> McDonnell Douglas Realty Co. 67,788,017 0.71 <br /> International Telephone & Telegraph 63,437,873 0.67 <br /> GT Partners 62,313,448 0.65 <br /> Tobishima Development Co. 55,913,800 0.59 <br /> Catellus Development Corp. 52,252,820 0.55 <br /> Birtcher Xerox Partners 45,684,559 0.48 <br /> Three Hutton Centre LP 41,127,426 0.43 <br /> State Compensation Insurance Fund 40,250,197 0.42 <br /> Source: California Municipal Statistics, Inc. <br /> 1995-96 Local Secured Assessed Valuation: $9,527,143,061 <br /> Sununary of Significant Accounting Policies <br /> Santa Ana'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) is <br /> the accepted standard-setting body for establishing governmental accounting and financial reporting principles. <br /> City Budget <br /> The following procedures are utilized by Santa Ana in establishing the budgetary data reflected in its <br /> audited financial statements: <br /> General Budget Policies, Encumbrances, and Budgetary Basis of Accounting <br /> Santa Ma and its component units' fiscal year begins on July 1 of each year and ends the thirtieth day <br /> of June the following year. On or before the fifteenth of June of each year, the City Manager submits to the City <br /> Council a proposed budget for the next ensuing fiscal year based on a detailed financial plan prepared by the <br /> heads of the various offices, agencies and departments of Santa Ana and its component units. Upon receipt of <br /> the proposed budget, the Council may make modifications with the affirmative vote of at least a majority of its <br /> members. Before adoption of the budget, the Council holds a public hearing wherein the public is given an <br /> opportunity to be heard, after which the Council may make any revisions deemed advisable. On or before the <br /> thirty-first day of July, the City Council adopts the budget as amended by the affirmative vote of at least a <br /> majority of its members. Upon final adoption, the budget is in effect for the ensuing fiscal year and becomes the <br /> B-71 <br />