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Summary of Significant Accounting Policies <br /> The financial statements for Orange are prepared in accordance with generally accepted <br /> accounting principles ("GAAP") as applied to government units. The Governmental Accounting <br /> Standards Board ("GASB") is the accepted standard-setting body for establishing governmental <br /> accounting and financial reporting principles. <br /> City Budget <br /> The following procedures are utilized by the City in establishing the budgetary data reflected in <br /> its audited financial statements: <br /> Annual budgets are adopted by July 1 of each year on a basis consistent with generally accepted <br /> accounting principles for all governmental funds. The budget is monitored to ensure compliance with <br /> legal provisions embodied in the appropriated budget as approved or amended by the City Council and <br /> City of Orange Redevelopment Agency Board throughout the year. Department heads are responsible <br /> for monitoring their department's appropriated budget. The legal level of budgetary control is at the <br /> department level. Management may make budget transfers between line items within a particular <br /> department; however, transfers between departments or between funds or overall increases in the budget <br /> require Council approval. <br /> B-55 <br />