The Annual Budget document includes a detailed breakdown of planned operating and capital expenditures by department and fund for the upcoming fiscal year (September 1 - August 31). It is prepared and submitted by the city manager to the city council for approval. Once approved, the full authority to execute the city's budget lies with the city manager.
The Annual Financial Report document is an annual audit report detailing the actual financial state of the city for the fiscal year it describes. This includes an assessment of assets and liabilities; a report of revenues, expenses and fund balances, as compared to budgeted amounts; year-over-year comparisons; as well an overall analysis of the city's finances.