An annual financial report is a comprehensive document that municipalities, governments, and organizations produce each year detailing their financial position and activities. For municipalities, this report includes audited financial statements showing revenues collected, money spent, assets owned, debts owed, and reserve fund balances. The report demonstrates accountability to taxpayers by showing how public money was managed. Provincial requirements mandate what information municipalities must include, and independent auditors verify the accuracy of the figures. Citizens can review annual financial reports to understand how their tax dollars were used.