In accordance with the Community Charter, an annual report must be prepared and made available to the public before June 30 each year. The report provides information on the financial position and results of operations, and must include the following information:
- the audited annual financial statements for the previous year;
- a list of the permissive tax exemptions provided by Council and the amount of property tax that would have been imposed during the previous year if the exemption had not been granted for each exemption;
- a report on the services and operations for the previous year;
- a progress report on the performance of Lions Bay with respect to established objectives and measures;
- a statement of objectives and measures that will be used as the basis for determining the performance during the current year and following year;
- the details of any declarations of disqualification made against individual Council members during the previous year; and
- any other information Council considers advisable.
Once completed, the annual report must be made available for public inspection. After making the report public, Council must wait a minimum of two weeks before holding an annual meeting on the report. This provides citizens with time to review the annual report, ask questions and prepare submissions. Council must give notice of the date, time and place of the annual meeting in accordance with the Community Charter's requirements for public notice.