Accounting and financial reporting of overhead percentage cost rate is required by two Federal Office of Management and Budget circulars: Circular A-102, “Uniform Requirements for Assistance to State and Local Governments,” and Circular A-87 (formerly 74-4), “Cost Principles for State and Local Governments,” and generally accepted accounting principles (GAAP) as promulgated by Governmental Accounting Standards Board (GASB) Statement No. 1, “Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide.” (Ord. 1090-85 § 1, 1985.)